Cyprus Market Report
more than 20 per cent. u
Te satellite casinos pay an annual licence fee of €500,000 for the venues in Paphos and Ayia Napa and €1m for the Nicosia venue.
u Te casino tax rate is 15 per cent of the GGR. u
Player age limit is 21. Tere is one Integrated Casino Resort in Cyprus that is also
permitted to operate up to four satellite casinos, although currently only three C2 casinos are open. Tese are located in Nicosia (opened December 2018), Ayia Napa (opened July 2019) and Paphos (opened February 2020). Te Larnaca casino opened in December 2018 and later closed in June 2020 for relocation. Te licence for the IR was granted to Integrated Casino Resorts
Cyprus Ltd made up of Melco Resorts and Entertainment and Te Cyprus Phassouri (Zakaki) Ltd (a subsidiary of the CNS group). A temporary casino was first opened in 2018 in Limassol and
closed when the IR officially opened in 2023 Te IR City of Dreams Mediterranean opened in Zakaki in
July 2023 and comprises a 14-storey five-star hotel with 500 guest rooms, eight restaurants and cafes, wellness facilities, sports centre, swimming pools, ballroom, retail outlets, recreational areas, a 200-seat outdoor amphitheatre, MICE space with more than 8,000sq.m of space.
112
Te resort was expected to attract an additional 300,000
visitors to Cyprus annually and cost in the region of €600m. Te gaming area is 7,500sq.m and has, on average (in 2024), 733 slots and 100 tables. Te Nicosia satellite casino is 970sq.m in size has four gaming
tables, 12 live roulette and 50 slots plus a restaurant and bar. Te Ayia Napa casino is 367sq.m in size with 50 slots and bar, whilst the Paphos casino is 550sq.m in size with 50 slots and a bar. For the year ending December 2024 the operating revenue
for the Cyprus casinos was US$234.6m compared to $159.4m in 2023 and $91.3m in 2022. Tis was about five per cent of Melco’s total operating revenues ($4.64bn) in 2024. Tis was made up of $159.3m from gaming; $35.4m from
rooms; $34.1m from food and beverages and $5.6m from enter- tainment and retail. In 2023 this was made up of $127.5m from gaming; $14m from rooms; $14.1m from food and beverages and $3.5m from entertainment and retail. Although the casinos currently exist under an exclusive
licence until 2032, they do face competition from the large number of sports betting shops, online sports betting, and the large number of casinos in Northern Cyprus. Tey are also expecting increased competition from the new
IR due to open in Athens in 2027 (Hard Rock Hotel and Casino) and the Wynn Al Marjan Island in UAE, currently under con- struction.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134
