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14 June, 2024
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Melco's European expansion hit by tax cuts in occupied Cyprus casinos

City of Dreams Mediterranean's future uncertain amid Cyprus tax changes


Melco Resorts & Entertainment's grand venture, the City of Dreams Mediterranean, faces a dramatic twist in its European odyssey as occupied Cyprus casinos brace for a tax overhaul. According to a report on Gambling Insider, income tax slashes in the north could shake up the regional gambling scene.

The bold reform, recently endorsed by the occupied parliament, seeks to revamp casino taxation. It proposes halving income tax rates while boosting rates for gaming tables and slot machines by 17%. The goal? To clamp down on income underreporting and align tax payments with gaming revenue.

But amidst the shake-up, opposition MP Erkut Sahali warns of unintended consequences. He predicts that casinos may inflate their reported earnings to offset tax cuts, potentially skewing the system. With many already surpassing tax thresholds, halving tax rates could spell trouble.

In this high-stakes game, Melco's City of Dreams Mediterranean stands as the lone titan in the southern realm. Grant Johnson, the property's Senior Vice President, acknowledges the competitive storm brewing up north, where rivals dangle tempting incentives. Yet, he remains steadfast in the belief that City of Dreams Mediterranean's opulence and service excellence will draw discerning players.

As Melco navigates this turbulent landscape, the battle for supremacy unfolds. Can City of Dreams Mediterranean shine amidst the tax tempest and fierce competition? Only time will tell in this thrilling saga of casino ambition and intrigue.

[With information sourced from Gambling Insider]

Cyprus  |  Melco  |  business

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