Cypriot President Nicos Anastasiades has decided to allow for casinos to be opened on the south of the island, which were previously banned.
The Casino Life & Business Magazine reported in March that the Cypriot Government were going forward with plans to develop casinos, within two years, on the south of the island.
However with the current financial collapse of the banks the President has outlined measures to push forward with legalizing casinos to help bring in much needed revenues, create jobs and investment.
Nevertheless President Anastasiades will for sure cause anger amongst the influential Orthodox Church by declaring that he will allow casinos to operate in Cyprus.
Currently casinos have only been present on the north part of the island which is the Turkish side of the island.
The casino proposal is part of a recovery plan that also includes tax exemptions on business profits reinvested in Cyprus and encouraging homeowners to reduce rents.
Anastasiades, who came to power after elections in February was understood to be in favour of casinos on the south of the island, but now with the financial problems casinos could very well be operating before the end of 2013.