Panayiotis Rougalas
The state has seen a boost in tax revenue since the summer of 2018 when the temporary casino debuted in Limassol. The trend continues with the current operation of the resort and satellite locations in the provinces. Discussions are underway regarding legislative changes to facilitate the addition of more gaming tables in these satellite establishments.
During the presentation of the Budget for the National Gaming Authority and Casino Supervision Authority of Cyprus, Chairman Christos Mavrellis revealed that the state has collected €63 million in taxes from the legally licensed casino in Cyprus. An additional €25 million was generated from annual license fees, contributing to the state's annual revenue of €7 million from these fees.
Responding to inquiries, Mavrellis noted a positive shift in visitation patterns, which had previously suffered due to the conflict in Israel. Recent weeks have witnessed a notable increase in revenue, with total casino earnings since launch reaching €421 million. Forecasts anticipate further growth as the positive trend continues.
In response to questions from MPs, Mavrellis highlighted the Authority's 15% share of the casino's profits, with expectations of increased amounts in the future. The Casino Resort currently employs 1,950 individuals, with an equal distribution between casino and hotel segments.
Addressing potential legislative changes, Mavrellis discussed ongoing considerations for introducing more tables and gaming machines in satellite casinos. However, such expansions would necessitate amendments to existing legislation, possibly leading to changes in the locations of these satellite establishments if licenses are granted for additional gaming facilities.
[This article was translated from its Greek original and edited for brevity and clarity]
