Revenues from legal casinos in Cyprus rose by 20% over the last year, even as the operator’s massive investment in Limassol falls short of initial financial forecasts.
Data obtained by Phileleftheros from the National Gaming and Casino Supervision Commission show that Gross Gaming Revenue (GGR)—total bets minus winnings paid out—reached €227 million in 2025, up from €189.2 million in 2024. The sector has seen a steady climb from €87.9 million in 2022, bringing total gaming revenue over the last three years to more than €634 million.
The state has shared in this growth, collecting €121.6 million in taxes and fees between 2022 and 2025. Last year alone, the casino operator paid €41.1 million into the national treasury.
Despite the upward trend, a risk management report accompanying the 2026 budget suggests the City of Dreams Mediterranean resort has yet to deliver its predicted returns. Performance remains lower than expected, and officials warn that the local market faces mounting pressure from high-end casino resorts set to open in Greece and the United Arab Emirates.
International visitors remain the primary drivers of the industry. Israeli nationals make up the largest group of registered players, followed by residents of Cyprus and the United Kingdom. Significant numbers of players also travel from France, Germany, Greece, Italy, and Romania.
Melco, which holds the exclusive operating licence until 2032, has invested over €600 million in the Limassol resort. While the state may renew this exclusivity for another 15 years, the market is set to open to competition after that period.