City of Dreams Mediterranean Generates Revenues Of €421 Million Since Launch

According to Christos Mavrellis, the chairman of the Cyprus gaming authority, the City of Dreams Mediterranean has generated substantial revenue since its inception. The authority has received approximately €90 million from the casino, which includes taxes and annual license fees. The total revenue generated by the casino so far amounts to a staggering €421 million.

Despite the revenue figures, Mavrellis noted that the casino has not been highly profitable in its early stages. He attributed this to a large investment with depreciation and a significant loan. However, he emphasized that the casino showed promising results in the initial months after its opening.

The conflict in Israel had a temporary impact on the profitability of the casino. Mavrellis mentioned that the ongoing conflict affected the number of Israeli visitors to the casino. However, he also highlighted that Israelis have started returning to the casino recently, indicating a positive trend.

One of the positive outcomes of the gaming authority’s efforts is the reduction in illegal gambling activities. Mavrellis mentioned that the operation of legal casinos has led to a decrease in the operation of illegal gambling establishments. In Paphos alone, there were 12 illegal casinos, and there were many more operating in the British Bases.

The gaming authority is committed to addressing the social consequences of gambling. They enforce responsible gambling practices and closely monitor the accounts of both the casino group and the managing company. The authority collaborates with organizations like the Addiction Authority and KENTHEA to provide advice and assistance to individuals affected by gambling.

To discourage gambling in the northern part of Cyprus, there has been a request to expand the Nicosia regional casino and introduce table games. The gaming authority supports this initiative as it aims to provide more options for gamblers within the regulated sector. By expanding the casino and offering a diverse range of games, they hope to attract more visitors and increase revenue.

Ioanna Fiakou, the head of the gaming authority, provided insights into the authority’s budget and future plans. The authority’s revenues for 2024 are projected to increase by 111.2%, mainly due to the expected revenue increase from the negotiated contract with Opap Cyprus. The projected revenues for 2024 are estimated at €53.1 million, with further increases anticipated for 2025-2026.

The gaming authority takes its regulatory responsibilities seriously. In 2023, they conducted 5,500 on-site inspections to ensure compliance with gambling regulations. They also dealt with around 150 public complaints and approximately 60 complaints related to players involved in illegal activities. The authority aims to maintain a transparent and accountable system by addressing complaints promptly.

To stay updated with the latest trends and best practices in the gaming industry, the gaming authority actively collaborates with European and international organizations. By participating in these collaborations, they ensure that they are at the forefront of regulatory advancements and able to provide a safe and secure gambling environment.