In the southern part of the island, the Republic of Cyprus – a member of the European Union since 2004 – casinos became legal last year with the opening of the City of Dreams Mediterranean, Europe’s first and largest integrated resort.
Competition will not be a problem, experts agree. In the north, casinos are an intrinsic part of the current system.
“Right now, it’s like the Wild West. This system benefits big business and the current state. A federation would incorporate the North into the EU, introduce oversight mechanisms, and of course they don’t want that. They want the North to be isolated from the world, without controls and without the rule of law.”
The Cypriot economy is based on the casino business, which has turned the territory into a resort for Turks and an opportunity for Russians to make money.
Some define Northern Cyprus as the “Las Vegas of the Middle East” and they are right, since the territory’s economy is largely supported by this business.
The only country in the world that recognises the Turkish Republic of Northern Cyprus is Turkey, and in fact 80% of casinos are owned by Turks. «To establish a casino in the North, there must be the opening of a 5-star hotel. You cannot open a stand-alone casino just for people to gamble. The licence also requires a political decision. In other words, not everyone can open one, you need the support of the government,» explains Mertkan Hamit, an economist specialising in the subject.
