Almost twice as much money has been gambled in the third quarter of 2021 (July 1 to September 30), in the temporary casinos in Limassol and in the satellite casinos in the other cities, compared to those bet in the second quarter of the same year. However, betting on these games did not reach the levels of the third quarter of 2020.
According to the financial results of Melco, which is the management company of Cypriot casinos, in the third quarter of 2021 hundreds of players tried their luck, betting on gaming machines (gaming machine handle) an amount of € 256.3 million ($ 293.1 million), in compared to € 137 million ($ 161 million) in the second quarter of 2021.
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In the third quarter of 2020 players gambled € 269 million ($ 307.5 million), or about € 13 million more. The slot machine profit rate was 5% in the third quarter of 2021, compared to 5.1% in the third quarter of 2020. It is worth noting that the increase in slot betting last summer was due to the complete reopening of Cyprus Casinos, which led to a significant increase in the number of visitors, despite the restrictions that existed (application of the 50% limit on casino capacity). It is recalled that in the second quarter of 2021 (April-June), the Cypriot casinos, due to the government measures to stop the coronavirus, operated for only a month and a half.
The amounts bet on the other games offered by the casinos were also increased. Specifically, in the third quarter of 2021, the total amount bet on board games, such as roulette, black jack, etc., by VIP players (rolling chip volume), amounted to € 2.35 million ($ 2.7 million), in compared to € 1.3 million ($ 1.5 million) in the second quarter of 2021. Based on the financial results, in the third quarter of 2020 € 175 thousand ($ 0.2 million) was played. At the same time, between July and September 2021, the profit rate (rolling chip win rate) amounted to 22.3%, compared to a negative 36.03% in the corresponding period last year. The expected profit percentage ranges between 2.85% – 3.15%.
Another € 27.2 million was bet.
In relation to the other board games offered by casinos in Cyprus except VIP (mass market table games drop), from July to September 2021 players have bet € 27.2 million ($ 31.1 million), against € 20.3 million ( $ 23.3 million) in the corresponding quarter of 2020. The profit margin from the betting activity of these games (mass market table games hold percentage) was 17.0% in the third quarter of 2021, compared to 20.6% in the third quarter of 2020 It should be noted that in the second quarter of 2021 the players had bet € 12.27 million ($ 14.4 million)
Meanwhile until September 30, 2021, the operating income (total operating income) of Cyprus Casinos was € 17.6 million ($ 20.2 million).
In addition, in the third quarter of 2021, Cyprus Casinos recorded adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2021, amounting to € 3.1 million ($ 3.6 million), compared to € 5.4 million ($ 6, 3 million) in the corresponding period last year.
They work feverishly
The City of Dreams Mediterranean, which will be the largest multi-themed resort in Europe, is expected to open in the second half of 2022. It will have a 14-storey 5-star hotel, with more than 500 luxurious rooms and suites, conference and exhibition spaces of 10,000 sq.m., outdoor amphitheater, adventure park, restaurants and luxury shops. The operation of the resort casino will end the operation of the temporary casino in Limassol. The operation of the satellite casinos in Nicosia, Paphos and Ayia Napa will continue, while a new space will be found where the Larnaca satellite casino will be housed.