Filenews 29 October 2022 - by Eleftheria Paizanou
Experts from abroad will supervise some specialized areas, such as money laundering and high-tech, related to the operation of casinos. According to what is stated in the budget of the National Gaming and Casino Supervision Authority for 2023, the recruitment of experts from abroad is necessary, as it is the first time that a casino manager has been active in Cyprus and in the country there are no consultants with the necessary experience.
The City of Dreams Mediterranean resort casino, in Limassol, is scheduled to open its doors in the first half of 2023. Therefore, the state will proceed to purchase advisory services from specialists from abroad, who are engaged in the supervision of casino activities, the possibilities of money laundering, specialized legal issues and with high-tech sectors. At the same time, the state will receive services from consultants who will carry out due diligence checks on natural or legal persons applying for a license or approval from the Gaming Authority, in order to determine their suitability.
In addition, other consultants will provide services to achieve the objectives of the Authority, in order to be able to provide high quality services, regulate and supervise effectively. The total cost for the purchase of services by consultants from Cyprus and abroad is estimated at around €600,000.
According to the budget of the National Gaming and Casino Supervision Authority, which was submitted to Parliament on Thursday, it is estimated that the state will have revenues from indirect taxes and fees amounting to €32.3 million. In detail, the fixed fund has been budgeted to reach €25 million from the casino tax, €7 million. from the annual license fee, €300,000 from application fees and €60,000 from the investigation fees. It is worth noting that next year the casino operator, i.e. the Melco consortium, may be exempted from the increase in fees for the annual levy it pays to the state, as the government has tabled a relevant bill which is being discussed in the Parliamentary Trade Committee.
