The Gambling and Casino Supervision Commission said on Monday that the state is projected to receive a total of 37 million euros from tax revenues related to the country’s only licensed casino.

The Commission released its revenue forecast in a note sent to Parliament ahead of a scheduled budget discussion in the House Finance Committee later that day.

About 29 million euros of this amount should come from the tax, 7 million is the annual license fee, and the rest comes from smaller sources of income, such as fees for investigation and filing applications.

The Commission also forecasts revenue of 38.3 million euros next year and 39.3 million euros in 2027. The commission’s income goes directly to the consolidated State fund and is classified as income in the annual State budget.

Thus, government funding is required for the work of the commission, and this amount is included in the budget of the Deputy Minister of Tourism.

The commission’s budget will increase this year.: She requested 3.4 million euros to cover her expenses. This is more than its budget of 2.7 million euros in 2024.

Historical data show a steady increase in state revenues from casinos: in 2023, the commission reported income of 26.5 million euros, and in 2022 — 18.2 million euros.

The total amount of state revenue from casinos exceeded 90 million euros at the end of 2023.

Image source: Cyprus-mail.com

https://russiancyprus.news/news/society/state-to-make-e37m-from-casinos-this-year/