Nicosia gets €90 mln from casino taxes

Cyprus 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 under way 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 euros 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.

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. Mavrellis highlighted the authority’s 15% share of the casino’s profits, with expectations of increased amounts in the future.