Amcaoglu indicated that the government plans to grant 32 new casino permits. He described the move as a “great opportunity for the country’s economy,” comparing it to the approach taken in northern Malta. Currently, the country is home to 32 casinos, and the new law will potentially increase that number to over 60.

North Cyprus, officially known as the Turkish Republic of Northern Cyprus, is a country recognised only by Turkey. It lies in the northern part of the island of Cyprus, and a buffer zone separates it from the Republic of Cyprus.

New Law Promises a Boom, Critics See Rise in Gambling Addiction

The North Cyprus government voted to relax casino laws on June 3. The changes include removing previous caps on the number of casino licenses.

It also removes a distance requirement for casinos to be built away from town centers, while reducing that distance to 100 meters from schools.

Other changes include downgrading the ban on Turkish Cypriots entering casinos to a civil offence, punishable by a fine of up to €50. Also, the new law raises the minimum hotel bed requirement from 500 to 750.

Proponents of the new law project a significant boost in tourism employment through the growth of hotels, services, and related industries.

The changes have also raised numerous questions among opponents. While they share the view of an economic boost, the opposition says more casinos would mean a rise in problem gambling and addiction.

Those against the changes pointed to two provisions in particular. Reducing the fine for Turkish Cypriots would drive more people to casinos, which will increase addiction. Also, putting a casino within 100 meters of a school exposes minors to gambling.

Furthermore, opponents argue that as an unrecognized country, North Cyprus could become a hub for money laundering.

Republic of Cyprus: A Contrasting Model

While the North is unrecognized, the Republic of Cyprus (commonly referred to as Cyprus) is a member of the European Union and adheres to the bloc’s strict laws and regulations.

Cyprus has taken a significantly different approach to land-based casinos compared to the North, when it legalized the sector in 2015.

Under Law 124(I)/2015, the country established a tightly regulated monopoly model with one exclusive license for a main resort and casino, plus up to four smaller, supporting satellite casinos. The law also established the Cyprus Gaming and Casino Supervision Commission to oversee the regulation of casino gambling.

The City of Dreams Mediterranean resort in Limassol opened in July 2023 following a €600 million ($686 million) investment. Officials projected about 6,500 additional jobs and an influx of 300,000 extra visitors.

The property’s parent company, Melco Resorts and Entertainment, also operates the satellite locations. It first opened a casino in Nicosia in 2018, followed by casinos in Larnaca, Ayia Napa, and Paphos. The Larnaca location closed during COVID-19 and never reopened.

Regarding online gambling, Cyprus allows only sports betting, with no online casinos. OPAP is the exclusive license holder for retail sports betting and lotteries. It is also one of several licensed Class B online sports betting operators.

AML/CFT Challenges in the North

North Cyprus heavily relies on its regulated retail casino industry. However, regulation of the rest of the gambling market in the unrecognized country is minimal.

While retail sports betting locations must hold a Müşterek Bahis license, many gray-area shops exist. These include unreported satellite branches and venues that operate as “VIP” rooms within hotels or through front-company arrangements. Information is scarce, but estimates are that there are around 50 licensed locations and around 70 unregulated ones.

Meanwhile, no law in North Cyprus regulates online gambling. As a result, offshore platforms have flooded the market, including some operated by organized crime groups.

One high-profile case shed light on the problem. In 2022, the murder of Halil Falyali, a prominent Turkish Cypriot businessman, exposed his $80 million-per-year illegal online betting empire. He allegedly funneled $15 million to public officials in Turkey and Northern Cyprus.

Northern Cyprus is not part of the European Union (EU) or a FATF-supervised jurisdiction. That means the gambling industry, including regulated land-based casinos, is not subject to EU-standard anti-money laundering (AML) or countering the financing of terrorism (CFT) inspections.

That opens the doors for dirty money (as in the Falyali case) to flood the market.

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The company says that C2 is ready to “continue providing guests with an unparalleled entertainment experience,” although strict adherence to all relevant guidelines issued by the minister of health will have to be followed.

To safeguard the wellbeing of all guests and colleagues, C2 says that it has set in place a “rigorous health and hygiene plan” that includes, among others, temperature checks for both guests and colleagues, the use of face masks and sanitisers, as well as social distancing measures for all premises and queuing areas. 

The company will also carry out regular and stringent disinfection and sanitisation procedures on a daily and weekly basis, with local media outlets stating that a 30 per cent capacity limit will be in effect.

Grant Johnson, property general manager of City of Dreams Mediterranean and Cyprus Casinos, stated: “We are delighted to welcome guests back to C2. We are ready and committed to provide them with the highest standards of entertainment offered by C2, in a safe and pleasant environment. 

“The health and safety of our guests and colleagues is our number one priority. We have therefore implemented a comprehensive series of stringent hygiene measures.

“We strongly believe that the reopening of C2 will provide a boost to Cyprus’ road to recovery and contribute significantly towards enhancing the tourism industry, as well as the overall local economy”.

C2 Limassol will be open from 7:00am to 11:30pm, C2 Ayia Napa and C2 Paphos will open from 10:30am to 11:30pm, while C2 Nicosia will open between 3:00pm to 11:30pm on weekdays and 7:00am to 11:30pm on weekends, from today until further notice.

Melco debuted the four satellite casinos, as well as one temporary entity, as part of an exclusive agreement with the country’s government while construction of the €550m City of Dreams Mediterranean complex continues.

Upon the opening of the complex, which is slated to take place this year, the gaming area is said to be installed with 36 tables and 1,200 gaming machines. The company will continue to operate the four satellite casinos, while operation of the temporary property will cease.

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Total operating revenues at Cyprus Casinos from the quarter ended June 20, 2021, were $10m, compared to £3.5m in Q2 2020. Moreover, Cyprus Casinos generated negative adjusted EBITDA of £.8m in Q2 2021, a difference from £6m in the same period in 2020. 

Melco Resorts and Entertainment, CEO, Lawrence Ho, said: “We were pleased to reopen our casino operations in Cyprus in mid-May after a government-mandated lockdown from the beginning of the year with restrictions on patron capacity and gaming position. 

“On June 10, the restrictions on gaming positions were lifted allowing us to accommodate our normal capacity. We are encouraged that Cyprus returned to profitability in June, and that Cyprus has virtually breakeven in EBITDA for the quarter.”

Moreover, the casino reported that rolling chip volume was $1.5m with the rolling chip win rate being negative 4.40 per cent in Q2 2021. The expected win rate ranges from 2.85 to 3.15 per cent.

No rolling chip gross gaming revenue was generated in the second quarter 2020.

Mass market table games drop was $14.4m in the second quarter of 2021, compared with $4.1m in 2020. The mass market table games hold percentage was 15.6 per cent, compared to 11.1 per cent in the second quarter of 2020.

Gaming machine handle for Q2 2021 was $161m, compared with $57.2m in 2020. The gaming machine win rate was 4.9 per cent versus 5.2 per cent in 2020.

In July, Melco Resorts and Entertainment documented a further recovery in business levels during Q2 of 2021, despite the continued challenge of the pandemic.

This comes as the group reported its financial performance for the year’s second quarter, which saw operating revenue reach $566.4m, representing an increase of approximately 222 per cent from 2020’s $175.9m.

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This has seen Limassol and Paphos placed in an almost complete lockdown, with local media outlets reporting an increased focus on the restriction of movement.

Subsequently, this has seen the introduction of a 8pm to 5am curfew in both districts, while movement in or out of the regions is prohibited, until November 30.

As a result, Cyprus Casinos has announced the closure of its satellite casinos in both regions, with its Nicosia and Ayia Napa venues remaining open in adherence to strict COVID-19 protocols.

The country reported 185 new coronavirus cases on the day of closure (Thursday 12 November), a figure which takes its total number recorded since March to 6,646.

Melco Resorts and Entertainment holds a 75 per cent stake in ICR Cyprus Holdings Limited, Cyprus Casinos’ operating arm, after acquiring the interest earlier this year from its parent company, Melco International Development.

“With a sense of responsibility and following the emergency governmental measures, Cyprus Casinos Limassol will be closing at 5pm today while Cyprus Casinos Pafos will be closing at 3pm, as they will be suspending their operations until 30th November,” the company said in a statement.

Melco debuted the four satellite casinos, as well as one temporary entity, as part of an exclusive agreement with the country’s Government while construction of the €550m City of Dreams Mediterranean complex continues.

Upon the opening of the complex in 2021, the gaming area of which is said to be installed with 36 tables and 1,200 gaming machines, the company will continue to operate the four satellite casinos, while operation of the temporary property will cease.

The company has previously expressed that the facility will bring a financial impact on the Cypriot economy to tune of approximately €700m per year, around four per cent of annual GDP.

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Revenue for the final period of the prior year grew three per cent to $1.45bn (2018: $1.41bn), primarily attributable to better performance in the mass market table games segment. 

On a full-year basis revenue swelled to $5.74bn, a 10.6 per cent rise from $5.19, due to the aforementioned table games performance.

As construction on the firm’s Studio City entity continues to progress, Melco has lauded its developments in Cyprus, which saw the firm acquire a 75 per cent interest in ICR Cyprus Holdings Limited, from its parent company, Melco International Development.

With construction of its €550m City of Dreams Mediterranean continuing, the firm currently operates one temporary and three satellite casinos, with a fourth scheduled to open in the coming months.

Revenues across Melco’s Cyprus Casinos properties grew 58.3 per cent to $24.7m (2018: $15.6m), with adjusted EBITDA significantly increasing from $8.6m to $2.3m.

Upon the opening of integrated resort in 2021, the company will also continue to operate the four satellite casinos while operation of the temporary property will cease.

Focusing attention elsewhere, Lawrence Ho, chairman and CEO of Melco, said of the firm’s Japanese progression: “Japan continues to be a core focus for us. In September 2019, we announced our ‘Yokohama First’ policy as we focus our Japan team on bringing to Yokohama the best IR the world has ever seen. In December 2019, we submitted our response for the Yokohama RFC.

“We believe our focus on the Asian premium segment, a portfolio of high-quality assets, devotion to craftsmanship, dedication to world-class entertainment offerings, market-leading social safeguard systems, established track record of successful partnerships, culture of exceptional guest service, and commitment to employee development puts Melco in a strong position to help Yokohama realise the vision of developing a world-leading IR with a unique, Japanese touch.”

Operating income across the group decreased 15 per cent during Q4 to $173.4m (2018: $203.3m), however, full-year results grew 22 per cent from $613.4m to $747.7m.

Adjusted EBITDA also fell during the quarter to $409.8m, a four per cent drop from $427.5m, with FY figures growing 13.4 per cent from $1.49bn to $1.69bn.

Ho commented: “During the fourth quarter of 2019, despite macro headwinds and the events in Hong Kong, mass gaming operations at all of Melco’s integrated resorts have remained robust, which drove group-wide mass table games revenue to expand approximately 12 per cent year-over-year to an all-time-record-high of US$850m. 

Adding: “Melco continues to prioritise sustainability in its operations. In March 2019, Melco became the first and only hospitality group and integrated resort signatory of the New Plastics Economy Global Commitment, a global initiative to tackle plastic waste and pollution, led by the Ellen MacArthur Foundation in collaboration with the UN Environment. 

“In December 2019, Melco became the first integrated resort and hotel operator in the Macau SAR and Hong Kong SAR to receive ISO 41001:2018 for its efforts in facilities management systems (FMS). Melco has also attained ISO 50001:2018 for effective energy management systems (EnMS) and was recognised by global environmental disclosure system CDP as one of China’s leading companies in sustainability.”

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Following the recent launch of its third satellite casino on the island, with a fourth and final such property on the horizon, C2 has welcomed its one-millionth visitor.

Entering C2 Limassol, where a temporary casino stands as development continues on the €550m City of Dreams Mediterranean, Oana Georgiana Luca was presented with jewellery worth €5000 and a complimentary dinner.

Last month the Melco Group debuted C2 Ayia Napa, following similar such openings in Nicosia and Larnaca in December last year, with a fourth in Paphos set to join the stable.

The properties are permitted due to an exclusive agreement with the country’s government, with the City of Dreams Mediterranean scheduled to be open in 2021 in Limassol, where the temporary property has been in operation for over a year.

Craig Ballantyne, property president of City of Dreams Mediterranean and Cyprus Casinos, commented: “Following the recent launch of our third satellite casino C2 Ayia Napa and the upcoming launch of C2 Paphos, Cyprus Casinos will attract even more visitors from Cyprus and abroad and enhance the entertainment offerings in those cities. 

“At the same time, we believe that when City of Dreams Mediterranean opens in 2021, the integrated casino resort will offer a wide range of attractions and entertainment options beyond gaming, which will enhance Cyprus’ regional and global position as an important entertainment and tourist destination,”.

Melco Resorts and Entertainment recently confirmed a previously announced deal to secure a 75 per cent equity interest in City of Dreams Mediterranean, after acquiring all of the ordinary shares of ICR Cyprus Holdings held by its majority shareholder Melco International Development.

ICR Cyprus and its subsidiaries are developing City of Dreams, which is expected to become “the largest and premier integrated destination resort in Europe”.

The entity’s gaming area is set be installed with 36 tables and 1,200 gaming machines, with the complex also to feature a five-star hotel with luxurious villas and 500 hotel rooms, 11 restaurants and cafeterias, a wellness centre, a sports centre, an extensive pool area with river woods and surf pools, a high-end retail area and an outdoor amphitheatre with extensive green areas.

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