Cyprus: Casino Regulator Teams Up With Experts To Perform Due Diligence On Junket Operators

Cyprus: Casino Regulator Teams Up With Experts To Perform Due Diligence On Junket Operators

Cyprus’ casino watchdog has reportedly hired international experts to perform due diligence on junket operators that would be working with the country’s first casino resort, the City Of Dreams Mediterranean. The casino is expected to start welcoming guests from the third quarter of 2021.

According to the local media reports the gambling regulator, Cyprus Gaming and Casino Supervision Authority has hired three international firms that specialize in due diligence services on casinos worldwide.

While there an official confirmation is yet to be made, those familiar with the matter said that “we want the Cyprus casino to operate on the basis of international standards of full transparency, especially at a time when international pressure on Cyprus is increasing because of the citizenship by investment program and provision of passports to persons with criminal records.”

While the gambling regulator is strict with due diligence, the opening of the first integrated casino resort in Cyprus has been delayed; it is now expected that the casino resort will start welcoming guests not until the end of 2021. Earlier it was scheduled to open for public in summer of 2021.

The entire project, which is estimated to cost €550 million, is being supervised by the Integrated Casino Resorts Cyprus Limited (ICRC) consortium. Both Melco Resorts & Entertainment Limited and Cyprus Phassouri (Zakaki) Limited, a member of CNS Group, are a part of the consortium.

Cyprus has been attracting tourists and casino lovers from across the globe. Three temporary casinos, Limassol, Nicosia and Larnaca airport casinos in Cyprus have witnessed a footfall of over 470,000 players between June 2018 and January 2019.

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