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The luxury casino-hotel “City of Dreams” is coming and launching the state revenues

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The Republic's revenues from the operation of the casinos are estimated to be particularly high this year, as the luxury casino-hotel “City of Dreams” in Limassol is expected to open its doors to the public in the summer. It is estimated that revenues this year will amount to € 40 million, while estimates for the next two years are that this amount will approach € 70 million. According to the budget of the Gambling and Casino Supervision Authority, which was submitted yesterday in Parliament for a vote, this year will yield the following revenues for the Republic:

Casino tax – € 32 million

This is a tax levied on the casino manager (Melco Resorts) on the gross income from casino games. The rate of casino tax payable is set at 15% of gross gaming income for the previous calendar month and is payable by the end of the calendar month following the calendar month for which the tax is payable. The casino tax is paid by the administrator to the Gambling and Casino Supervision Authority, which then transfers the amount as it is to the General Accounting Office of the state. The calculation of the casino tax collected for the year 2022 was made based on historical data and trends, the expected number of tables and gaming machines after the operation of all satellite casinos, but also other expected promotion actions by the administrator.

For the year 2023, a provision is made for the collection of an amount of € 54 million as casino tax and for the year 2024 an amount of € 59 million.

Annual license fee – € 7.5 million

The amount of the annual resort casino license fee due for the first four years following the issuance of the resort casino license is € 2.5 million for each year and for the next four years after the fourth year, which follow the granting of the resort casino license, in the amount of € 5 million for each year. Regarding the license fee for satellite casino premises, the administrator pays to the Gambling and Casino Supervision Authority the amount of € 500,000 for each premises, which increases to € 1 million for one of the facilities if the administrator chooses to exercise the right to place up to five gambling tables in one of the satellite casino facilities. The administrator exercised this right at the Nicosia satellite casino. The Larnaca satellite casino is expected to reopen in 2022.

The Gambling and Casino Supervision Authority is a legal entity under public law and was established by law in 2017 to maintain and manage casino licensing, supervision and control systems. Ensuring, among other things, that the manager complies with his obligations, the game is conducted honestly and that the management and operation of the resort casino and the four smaller casino-satellites is carried out by suitable non-criminal persons.

Consultants from abroad

The budget of the Gambling and Casino Supervision Authority for the year 2022 includes an amount of € 408,000 which is intended to cover the cost of renting consulting services, mainly from abroad, in specialized areas related to the supervision of casino activities, such as AM issues. legal issues and high technology sectors. As pointed out in the budget of the Authority, the purchase of expert services from abroad is considered necessary, as it is the first time that a casino manager is active in Cyprus and the necessary experience is not available domestically.

Source: politis.com.cy

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