Cyprus Looks To Avoid Financial Ruin By Adding Casinos

Many countries around the world are turning to casino gambling to help them out of one of the deepest financial messes the global market has seen in decades. Countries such as the US, Spain, Germany, Italy, and China have turned to increased regulated gambling to help stabilize their financial status.

Now, it appears to be Cyprus’ turn. President Nicos Anastasiades has commented recently that the expansion of casino gambling is not the end-plan, but rather a step in the direction of financial stability. Cyprus will allow casinos for the first time, and it is expected to bring in hundreds of millions of dollars in revenue.

Cyprus is going through a similar financial crisis to that seen in countries such as the US and Spain, and is using the same avenues to defeat the crisis. The president announced several bailouts, much like the ones seen in the US, and has given a vision for getting the one million Cyprus residents out of financial ruin.

Casinos have been a big factor in several US states turning around their state budgets. Dozens of US states have added new casinos since the 2008 economic recession, while others such as New Jersey, Delaware, and New Jersey, have gone as far as turning to the Internet gambling industry for help.

The move by Anastasiades to allow casinos comes in an attempt to stop Cyprus residents from visiting Turkish casinos. Turkey has been benefiting from the casino void in Cyprus, as thousands of Cyprus residents have traveled and spent their gaming money at Turkish casinos.

Unemployment has been a concern over the past year, with a rise in the unemployment rate, and a decrease in new jobs being produced. The presidents plan calls for the creation of 6,000 jobs, most of which will come within the tourism industry. Anastasiades is hoping that the casinos will also help aid a tourism industry that has struggled to attract foreign tourists.