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Nicosia - Cyprus said on Thursday it would issue one licence for an integrated casino resort in an attempt to diversify its tourism and attract foreign investment to the bailed-out country.
Government officials said authorities planned to issue a licence for a resort within the next 12 months.
"The economy needs it," said Christos Stylianides, the Cypriot government spokesman.
Establishing casinos was a pledge of the present conservative government which won elections in February. The previous communist administration opposed it.
The Mediterranean island is attempting to diversify its economy after its financial sector all but crumbled in March under conditions of a €10bn bailout with international lenders.
There are no casinos in the government-controlled south of Cyprus, but many in northern Cyprus, a breakaway Turkish Cypriot state.
Despite its popularity, government authorities have typically taken a dim view of gambling, even in private homes.
Last year police were in the headlines for attempting to prosecute a group of elderly women, including a 98 year old, for gambling with small amounts of money. The women said they played card games to keep their minds active.
