Cyprus: first casino license issued within 12 months

Cyprus will issue its first casino license and allow for building to commence within 12 months, said government Spokesman Christos Stylianides saying, “the license will be granted to the successful bidder within 12 months in order to provide a quick boost to public finances and help the battered economy with jobs and revenue.”

To help stop the collapse of its fragile banking sector and avoid bankruptcy, Cyprus signed a 23 billion euro ($30 billion) financial rescue deal in March with its euro partners and the IMF.

Under the terms, Cyprus had to force large depositors in the country’s two biggest banks to take big losses on their savings. The country also imposed restrictions on money transfers and withdrawals to stop a run on banks.