The foreign players “betting” on Cyprus and the management company's pursuit of more satellite casinos

A request to increase the number of gaming machines and gaming tables at the satellite casinos in Nicosia, Ayia Napa and Paphos has been submitted by the managing company of the casinos in Cyprus, Integrated Casino Resorts Cyprus Limited (ICR Cyprus), and is already being examined by the competent state authorities.

And, according to data presented during a press conference by the Chairman of the Cyprus Gaming and Casino Supervision Commission, Christos Mavrellis, the contribution of casinos to public finances is quite significant, and following the operation of the casino-resort in Limassol it is expected that it will increase further.

Referring to relevant data, Mavrellis said that from the operation of casinos in the Republic of Cyprus in June 2018 until July 2024, the total gross income from games amounted to €529.7 million, while the Authority collected casino tax totaling €79.5 million.

He also noted that "with the opening of the casino-resort, the total sums paid for the purchase of tokens to play on the gaming tables amount to €370 million per year, while in terms of gaming machines, the turnover now exceeds €1.8 billion per year".

Further, he stated that "by exercising its powers and duties the Authority based on the 'Casino Law' and Regulations, the Authority collects the annual license fee from the operator for each casino property."

"The annual license fee for the temporary casino and casino-resort is €2.5 million per year for the first four years of the granting of the license of the integrated type of casino-resort, and €5 million per year in the following four years," he explained.

The operator, he added, also pays the Authority an annual license fee of €500,000 for each of the satellite casino properties in Paphos and Ayia Napa and €1m for the satellite casino property in Nicosia, where the operator has exercised the right to place up to five gaming tables.

From the day the casinos opened, he underlined, the Authority collected annual license fees totaling €31.7 million.

Also, he said, the total amount (operating fees, casino tax and licensing fees) that the Authority collected in the year 2023 was €27 million and it is estimated that the total amount for the year 2024 will reach €33 million.

Administrator's request for satellite casinos

Furthermore, in response to a related question, Mavrellis stated that "based on the law, the managing company has the right to ask us to discuss some modifications, some allowances that they require. We always work in this direction and we have a very good cooperation with the manager."

According to Mavrellis, "the administrator is considering and has informed us that he has submitted to the Government a request with the aim of installing more machines -gaming machines- and also gaming tables at the satellite casinos."

"This issue is pending before the competent authorities of the state, it is not our issue, but we will examine it when and if this suggestion-proposal is adopted," he pointed out.

Attracting players from Israel and the Arab world

Referring then to the importance of the casino-resort, the president of the Cyprus Gaming and Casino Supervision Authority emphasised that since the creation of the casino-resort, a difference has been observed in the players who visit the casino.

"We have noticed that there are a lot more foreigners than before, big players either from Israel or from other neighboring countries, even from the Arab world," he noted.

"This is certainly within our goals and we encourage it very much and we call on the managing company to make all the efforts necessary to attract other players from these areas as well.

It already seems that this is being achieved, because it always takes some time for a product to become known and especially all the services offered by the casino-resort," Mavrellis underlined.

As he said, "from the first day of its operation, it appeared as one of the best, if not the only, casino-resort in the European area."

"It provides a number of facilities to the public. It has a luxury hotel with 500 beds, exhibition spaces, event spaces, while it recently opened a tennis academy with facilities that are among the best of its kind," he continued, underlining that "we expect that this will contribute to the promotion of Cyprus and the specific area, as a place for holding international tennis tournaments'.

"Since the first day of its operation, it has been used a lot by organisers of conferences and other events, as well as exhibitions, and many thousands of people have visited and used it in this short period," he concluded.

(Source: InBusinessNews)