Insider Business €4m in revenue from casino licence in 2019

€4m in revenue from casino licence in 2019

The  Cyprus Gaming and Casino Supervision Commission expects revenue of at least  €4m this year from the annual casino licence, its chairman Christos Mavrellis said on Monday presenting the commission’s budget for 2019.

He said the commission will receive €2.5 m from the casino resort, €1 m from the Nicosia satellite casino and €0.5 m for the rest. Satellite casinos have already opened in Limassol, Nicosia and Larnaca and another two are expected to open this year, one in Paphos and one in the free Famagusta area.

The commission’s budget is balanced and provided for revenue and expenditure of  €6.31 m. Its revenue sources are the annual fees budgeted at  €137,700, annual licence fee of €4.01m  and a state subsidy of  €2.30m. Another €8m to €10m from the 15% tax on winnings will be collected by the commission but deposited directly with the state and therefore does not appear in the budget, he added.

 

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