Nicosia, Cyprus. MPs reviewing the Cyprus Gaming and Casino Supervision Commission’s 2026 budget were told casino revenues are rising, while competitive pressures are expected to increase from Greece, the Middle East, and the occupied areas.
2026 budget and operating costs
The authority’s balanced budget for 2026 totals €3.68 million, with operating expenses rising by 8.24 per cent, officials told MPs.
Revenue performance and regulatory remit
Chairman Pieris Chourides said the authority’s core role as an independent regulator is the analysis and management of risk, adding that financial data show “good performance of the casino.” He said the performance of the integrated casino-resort, which does not fall under the authority’s direct regulatory remit, is below the targets that had been set.
2025 gross revenue estimate
Figures presented to the committee estimate gross casino revenues in 2025 at €227 million, an annual increase of around 20 per cent, which Chourides described as high by European standards.
Competition risks from Greece and the UAE
Chourides said two developments expected to affect the Cypriot market over the next one to two years are the opening of the casino at Elliniko in Greece and the launch of a casino in the United Arab Emirates (UAE). He said operational plans are in place to address increased competition and that the authority is closely monitoring how these markets evolve.
Competition from the occupied areas and proposed response
Chourides told MPs that around 30 casinos currently operate in the occupied territories, with another 30 expected to open over the next three years, calling it a structural challenge for the republic’s market. He said expanding the satellite casino in Nicosia could help limit the outflow of players north, adding that the existing casino is limited in size and gaming tables, which may partly explain why some players choose casinos in the occupied areas.
How do you think Cyprus should respond to rising regional casino competition?