Cyprus casino to boost local economy

The first casino to open in Cyprus in 2021 is set to contribute 4 percent of GDP to the local economy.

Cyprus.- Iacovos Galanos, on behalf of the consortium that obtained the license to operate the first gambling facility in the country late last month, said that during its second year of operation in 2022, the casino could contribute with US$911 million, 4 percent of GDP to the economy.

Galanos confirmed that during the construction phase they will create 4000 jobs, as well as additional 2400 after to operate the facility, and they will prioritise hiring Cypriots. “They’re taking into account everything: their anticipated revenues, direct taxes to the government, the income tax to be paid by the 4,000 employees, as well as employees’ social insurance contributions,” said Chair of the House Commerce Committee Angelos Votsis to the Cyprus Mail.

The facility is set to feature 136 gaming tables, 1200 gaming machines, a hotel with 500 rooms and expansion capacity, as well as wellness center, among other things. Last week, authorities from Hard Rock revealed that the company is set to sell all of its stake to its joint venture partner, Melco International. The license allows Melco to operate a gambling facility until 2047, and hold the monopoly until 2032.

“This opens the road to realising one of the largest infrastructure projects that has ever been done in our country. The casino resort will include the largest casino in Europe, with 136 gaming tables and 1,200 gaming machines. Our goal, of course, is to improve incoming tourism by increasing arrivals, average stays and average per capita spending,” had said Commerce and Tourism Minister Lakkotrypis at the contract signing ceremony last month.