Members of Parliament have been briefed on the Cyprus Gaming and Casino Supervision Commission’s fiscal framework for 2026, which outlines a balanced budget of €3.68 million and a rise in casino performance.
Robust Growth In Casino Revenues
During the review, Commission Chairman Pieris Chourides said that despite an 8.24% increase in operating expenses, the casino’s financial performance remains strong. Estimated gross revenues are expected to approach €227 million in 2025, roughly 20% higher year over year and elevated by European standards. The regulator said it will continue monitoring risks and refining its analysis to support this growth.
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Competitive Pressures And Strategic Considerations
The Commission is facing regional competition. Chourides cited two developments: the planned opening of a casino in Elliniko, Greece, and a forthcoming venue in the United Arab Emirates. The market is also affected by about 30 casinos operating in the occupied territories, with projections that a similar number could open within the next three years. In response, executives are considering options such as expanding the satellite casino in Nicosia to retain local demand.
Enhanced Player Experience And Market Dynamics
Executive Director Harris Tsangarides noted that the Nicosia facility does not offer the same scale or amenities as the Limassol integrated resort, reflecting a broader industry shift toward experience-focused gaming. International visitors mainly arrive from Israel, the United Kingdom, Germany, Greece, and Armenia, and the authority said it is adjusting its approach to meet changing expectations.
Commitment To Responsible Gambling
Responsible gaming remains a central focus. Around 10% of funds are allocated to prevention and treatment programs run in cooperation with the Gaming Authority and local addiction services, including the Faros Foundation. The initiatives aim to expand access to support for vulnerable groups and address illegal online gambling. Measures include cooperation with technology providers to restrict mobile access to unlicensed platforms.
Looking Forward
Discussions are underway regarding a potential merger with the National Betting Authority or other regulatory bodies. As the Commission prepares for legislative changes in payment protocols, it remains clear that while casino performance is robust, the integrated resort segment continues to face challenges. Moving forward, strategic adjustments and market adaptations will be key to sustaining long-term growth.
