Cypriots spent over €137m on gambling entertainment in six weeks
Gambling in Cyprus
According to the latest financial report gambling giant Melco non gamstop casinos, after the removal of most restrictive measures, Cypriots began to visit the institutions of gambling entertainment. Thus, according to data for the second quarter, Cypriots spent on slot machines in local casinos more than 137 million euros.
Melco's financial results for the period under review show that from April to June 2021 visitors to slot machines in the relevant institutions have left EUR 137.1 million, up 181.5% compared to EUR 48.7 million, recorded last year. At the same time, the win rate of the machines has reached the 4.9% mark, compared to 5.2% in 2020.
Due to restrictive measures to block the spread of COVID-19, casinos in Cyprus were closed from January until May 16. The establishments reopened the following day.
Total operating revenue for the Cyprus Casinos brand (C2), owned by Melco, was €8.52 million for the three months (the cut-off date is June 20), up from €2.98 million last year.
Lawrence Ho, CEO of Melco, said: "We are pleased to see a gradual recovery in business levels in the second quarter of 2021 at our integrated resorts, despite the challenges we have faced as a result of the COVID-19 pandemic and associated travel restrictions."
Operator C2 opened its doors three years ago on June 28, 2018, becoming the republic's first authorised casino. The brand currently operates a number of its offices in Nicosia, Ayia Napa, Paphos, Larnaca Airport and a temporary casino in Limassol. The latter facility will close next year after Europe's largest casino resort, City of Dreams, opens in Cyprus.
It is estimated to create around 4,000 new jobs during the construction phase, and will employ around 2,500 people to maintain it. Completion of the project is scheduled for next summer.
According to Bloomberg, Japan has a high chance of becoming the world's third-largest gambling entertainment market.