The City of Dreams Mediterranean casino in Limassol which is to open its door to the public in July is expected to bring in remarkable revenue to the island’s treasury every year.
Based on the Cyprus National Gambling and Supervision Authority’s budget – submitted before the parliament on Thursday – taxes on the grand casino are expected to bring in €32 million in 2022 alone.
In 2021, the state’s revenues from the casino tax were €13 million. In 2023 and 2024, these revenues will amount to €54 million and €59 million, respectively.
The specific tax is imposed on the gross income from casino games and is paid by casino managers to the Authority.
The tax is of the order of 15% on the gross income from games for the previous calendar month and is payable up until the end of the calendar month for which the tax is payable.
In addition, the casino resort in Limassol will attract an additional 300,000 tourists a year to the island which should solve the problem of tourism seasonality.