Harris Tsangarides: Concerns about casinos have been dispelled

Despite geopolitical challenges, such as the Russia-Ukraine war and the crisis in the Middle East, Cyprus’ casino industry has shown resilience and adaptability, continuing to positively contribute to the island’s economy.

In an interview with InBusinessNews, Harris Tsangarides, CEO of the National Gaming and Casino Supervision Authority, emphasised that "the prospects for the casino sector in Cyprus are particularly positive". He highlighted the industry's significant contributions to the economy through tourism growth, job creation, and attracting investments.

Opportunities for Growth

Tsangarides noted that while the sector’s outlook is promising, there are still “significant opportunities for further development.” He outlined four strategic actions that, if implemented, could establish the casino sector as a major growth driver for Cyprus’s economy, creating new opportunities and enhancing prosperity.

Dispelled Concerns

Addressing concerns raised before the legislation to legalise casinos in Cyprus was passed, Tsangarides explained that these fears have largely been dispelled. The effective regulation of casinos by the Gaming Authority ensured that the socio-economic impact was positive, thanks to strict regulatory measures.

Tackling Gambling Addiction

Regarding concerns about gambling addiction or problematic behaviors among players, Tsangarides stressed that "the Gaming Authority enforces strict measures through its responsible gaming plan". These include player self-exclusion systems and monitoring mechanisms, enabling the swift identification of individuals exhibiting problematic behavior.

Positive Economic Impact

Before the legalisation of casinos in 2015, many expressed concerns about potential negative socio-economic effects. However, five years after the opening of satellite casinos and the integrated resort casino, these concerns have largely proven unfounded.

The economic impact has been overwhelmingly positive, strengthening the local economy, creating 1,800 jobs, and attracting high-value tourists. From 2018 to 2024, gross gaming revenue exceeded €529.7 million, with €79.5 million contributed to the state as casino tax and €31.7 million in licensing fees.

Challenges and Opportunities

Despite geopolitical turbulence, said Tsangarides, including the loss of tourists from Russia and Ukraine, the casino sector has diversified its target markets, adapting to external challenges. The operation of licensed casinos in free areas has reduced the flow of players to casinos in the occupied areas, offering a legal and attractive alternative.

The integrated resort, City of Dreams Mediterranean, has elevated Cyprus' tourism product, diversifying its appeal and contributing to the country’s overall growth, he added.

Looking Ahead

Tsangarides emphasised the need for continuous improvement in regulatory frameworks, particularly with technological advancements, the protection of vulnerable groups, and the fight against illegal activities. Strategic priorities include enhancing luxury tourism, strengthening community involvement, promoting responsible gaming, and ensuring transparency.

He concluded that the casino industry holds great potential to become a central pillar of Cyprus’ economy, driving growth, creating opportunities, and fostering economic prosperity for the island.