Cyprus Expects First Casino Resort to Bring In €800 Million to Economy by 2022

Cyprus’ first integrated casino resort that is planned to be established in Limassol, is expected to bring around €800 million to the country’s economy in 2022. The amount represents approximately 4% of the Cypriot Gross Domestic Product (GDP).

As revealed by a spokesperson of the casino-operating consortium, Iacovos Galanos, the project would result in the creation of about 4,000 jobs over the construction period. Moreover, he further revealed that about 2,400 jobs are expected to be created for the operation of the casino. The official representative of the consortium spoke at the House Committee on Trade yesterday, and revealed that the operating company would be primarily oriented towards employing local residents for the jobs. Of course, the applicants’ relevant qualifications would be taken into account, too.

As Casino Guardian has already reported, an official ceremony to sign the contract for the casino was held on June 26th in Nicosia.

This would be the first integrated casino and hotel resort in the country. The gaming, entertainment and hotel venue is to feature about 500 luxury rooms, as well as several dining areas, various reception areas and congress rooms. The total cost of the venue amounts to €500 million. The casino part of the facility, on the other hand, is to feature 136 gaming tables as well as 1,200 gaming machines.

The Chair of the House Commerce Committee Angelos Votsis confirmed in an interview for a local media that the project operated by the consortium would guarantee €800 million on an annual basis. He explained that the operator was taking into account all details, including the expected revenues, the taxes it would pay to the local Government, the income tax that would be paid by the 4,000 employees who were to be hired over the construction process and, of course, the social insurance contributions of the employees.

Apart from the main casino resort, the consortium is to also operate four satellite casinos on the territory of the country, as well as a temporary casino. They are to be open before the official opening date of the major resort.

Earlier in 2017, the Finance Minister of Cyprus had said that the casinos that were to be open in the country would contribute a total of €100 million a year in taxes.

The General Manager of the operating consortium Theodoros Koutsoukis further explained that the company has already chosen the locations of the satellite casinos and the provisional casino that is to be based in Limassol. He also revealed that they were all waiting for the local Gaming and Casino Oversight Authority to give the green light of the construction process.

Mr. Koutsoukis confirmed that the satellite casinos as well as the provisional casino are planned to start operating over the first quarter of 2018. The target date for the projects’ opening is in February 2018.

  • Author
Daniel Williams

Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.
Daniel Williams
Casino Guardian covers the latest news and events in the casino industry. Here you can also find extensive guides for roulette, slots, blackjack, video poker, and all live casino games as well as reviews of the most trusted UK online casinos and their mobile casino apps.

Related news