Cyprus Casinos on the Rise

Casino revenue in Cyprus has already surged following the launch of Melco’s C2 Limassol casino in June 2018 and both C2 Nicosia and C2 Larnaca Airport casinos opening in December 2018, with two further C2 satellite casinos due to open later this year in Paphos and Ayia Napa. The Gaming and Casino Supervision Commission reported gross gaming revenue of €210m (circa $235m) between June 2018 through the end of January 2019, with a gaming yield of €35m and taxes of €5.25m (15%).

At the same time, the Cyprus Tourism Organisation also report a record level of tourism to the island, with UK travellers being the largest tourist group followed by Germans, Russians and Israelis. These temporary casinos will be replaced by the colossal €550m City of Dreams Mediterranean in Limassol, which is due to commence construction in early 2019 and is slated for completion in 2021, creating Europe’s first integrated casino resort.