The state collected €90 million from the casino

Approximately €90 million was collected by the state from 2018 to date, from taxes and fees related to the operation of casinos, according to the chairman of the board of directors of the Cyprus National Gaming and Casino Supervision Authority, Christos Mavrelli.

In the context of presenting the Authority's budget to the Parliamentary Finance Committee and answering questions from MPs, Mr. Mavrellis said that the state has received from the operation of the City of Dreams Mediterranean resort casino and from the five satellite casinos, an amount of €63 million. in taxes and another €25 million from annual license fees.

Mr. Mavrelis said that revenues are expected to rise further in the coming years, while answering a related question he said that in recent weeks there has been an increase in casino traffic, which had decreased significantly after the war in Israel.

With regard to the casino's revenues, he said that in total, from its inception until today, they amount to €421 million, while he noted that 15% of this goes to the Authority.

Answering questions from members of parliament, he also stated that the City of Dreams Mediterranean casino resort employs a total of 1,950 people, half of whom work in the casino and the others in the hotel and other services offered.

Nicosia casino extension

Mr. Mavrellis further informed the Parliamentary Committee that the casino manager has submitted a request for the extension of the Nicosia casino, with the addition of additional tables for games and machines, something for which, however, he said, the legislation would need to be changed.

He also stated that after the operation of the casinos, the illegal ones have significantly decreased, as well as the visits to casinos by the occupied.

The budget

Based on data presented to the Parliamentary Committee, the Authority's budget for 2024 is balanced and foresees revenues and expenses of €2.7 million.

Spending in 2024 amounts to €2.68 million, compared to €3.13 million in 2023. That is, a decrease of 14.5% or in absolute numbers a decrease of €0.45 million. In the years 2025-2026, however, increase to €3.23 million and €3.21 million, respectively.

In detail, the expenses for 2024 are as follows:

(a) Personnel Expenses, including contributions to the various funds, amount to €1.43 million compared to €1.57 million the previous year, i.e. a decrease of 8.9%, compared to 2023 or in absolute numbers reduction of €0.14 million

(b) Operating Expenses, excluding payroll, amount to €0.42 million and are approximately at the same levels as the previous year.

(c) Capital Expenditures amount to €0.09 million compared to €0.07 million the previous year, i.e. an increase of 20% or in absolute numbers an increase of €0.02 million.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy