City of Dreams casino in Limassol has brought €121.6 million to Cyprus’s budget over three years

The administration of the Greek Cypriot side has received €121.6 million in revenue from MELCO casinos over the past three years; however, the company itself has failed to achieve the expected level of profitability from the project, local media report.

The reference is to the City of Dreams Mediterranean Resort Casino located in Limassol, as well as satellite casinos in other cities.

During the period 2022–2025, the casinos’ total net revenue amounted to €634.2 million, of which €121.6 million was transferred to the state budget in the form of taxes and licensing fees.

According to a risk report prepared by the Gambling and Casino Supervision Authority, MELCO’s investments in Southern Cyprus did not meet projected expectations. Business volumes and actual profits were lower than planned.

The report, which analyzes potential risks to the economy, will be submitted to the Cyprus Parliament on Monday together with the draft budget for 2026.

The report also notes that new resort casinos that MELCO plans to open by the end of the year in Greece and the United Arab Emirates are expected to generate higher profits for the company than its projects in Southern Cyprus. These facilities are forecast to attract more customers at both regional and international levels.