Flashing neon signs, the sounds of slot machines and chips shuffling, and plethora of unique characters intermingling is a sight seen across casinos in historic gambling destinations such as Las Vegas and Macau. Competing against professional poker players, pursuing the chances of making a fortune, and simply enjoying the experience of a unique atmosphere and meeting new people cumulatively attract tourists and locals to iconic casinos. 

Starting this year, Cyprus is home to Europe’s largest casino resort with Melco Resorts, aiming to bring new tourism, creating new jobs, and adding a new landmark to the island.

While it is mostly fun and games, nobody likes to be cheated out of their money, or to be treated unfairly when paying for a unique experience. To ensure fair-play among both brick-and-mortar and online commercial casinos, certain laws and policies have been set globally. 

The laws and policies related to casinos vary depending on the country and jurisdiction where a casino is located. In Cyprus, however, the laws pertaining to casinos and gambling-related activities are stringent, extensive, and accessible through the Cyprus Gaming & Casino Supervision Commission.

With regulations set in place, the industry has been accepted in various countries worldwide, and has generated substantial revenue. By 2021, the industry has accumulated a total revenue of $231 billion and is set to continue to rise in the coming years through various casino attractions. 

Brick-and-mortar casinos have been a staple for fans of the gaming industry, however, due to the pandemic in 2020, online gambling took the industry by storm. From sports betting, to iSlots, iDealers, poker, and blackjack, all being accessible via desktop and handheld devices, the online gambling market size globally reached $63.5 billion in 2022. 

In the US alone, 10% of the adult population bets and participates in online casino activities at least once a week, driving the US gambling market to $9.5 billion in 2021. While online betting and casino games became popular over time, the loosening of pandemic-induced restrictions have given rise to the return of brick-and-mortar casinos, heightening the attraction to casino tourism once again.

Cyprus has also established laws and policies pertaining to the betting and gambling industry, which are stringent on online gambling but have nonetheless paved the way for satellite casinos across the island and a grand casino resort to take hold in Limassol.

Buying-in to the casino tourism industry requires creativity, expert hospitality, and access to the various activities sought by the industry’s consumers. The island is making a big bet on its entrance to casino tourism with the €550 million construction of Melco Resorts’ City of Dreams. The resort was expected to be completed in 2021, however, with delays brought by the pandemic, it was intended to be completed by 2022. As they aim to integrate sustainability in the construction of their resort, some processes were meticulous, resulting in delays.

The 7,500 square meter City of Dreams will host 100 gaming tables, 1,000 slot machines, and a 500-room 5-star hotel with extensive amenities including a leisure spa, restaurants, and much more. Amalgamating these activities, services, and experiences under one roof will surely elevate Cyprus’ tourism beyond its already attractive summer offerings.

Cyprus welcomed over three million tourists in 2022. The City of Dreams will likely attract tourists who are passionate about visiting casinos around the world, bringing people of varying backgrounds that may be visiting the island for the first time. For example, the Grand Ho Tram Strip in Vietnam that launched in 2013 led to an eventual increase of 54.7% in tourism in Vietnam to 15 million tourists in 2018 alone. 

Seeing such an incremental rise in Cyprus’ would not only boost the economy, but encourage further tourism developments beyond beach resorts, with the possibility of year-round tourism across the island.

Casino tourism also spurs development in employment by creating additional jobs in hospitality and casinos. Taking Canada as an example, the nation’s Casino Association records an estimated 300,000 employed professionals in the Canadian casino industry, and generated $1.8 billion in taxes. 

Another example of the benefits of casino tourism in job creation can be seen in Macau. Researchers highlighted that in 2017, “Young people (even with limited education) can secure good salaries in dealer positions. 

In fact, gaming jobs enable some residents to significantly increase their income and are relatively well paid in comparison with other non-tourism jobs.” Increased spending from tourists, the creation of new jobs, and the added-value in taxes may be the boost to Cyprus’ tourism economy it did not know it needed. 

Taking these benefits into consideration, there are potential downsides that must be addressed as well. Gambling and casinos are not all fine and dandy across a population. Some believe that it incurs corruption, misbehavior, and addiction. Researchers in Macau, an iconic center for casinos and gambling, have documented some downsides reflected in locals’ perspectives and the disparity between the wealthy and the poor. 

In 2017, citizens of Macau raised the issue of the increase in the private market housing prices, indicating that they “increased 10 to 15 times within 10 years, whereas the median salary of Macau residents has only risen to a limited extent.” Cyprus is already trying to stabilize its rising housing market prices incurred by the growing technology sector, and may have to act proactively to remedy potential pricing hikes that may be brought by casino tourism.

An additional concern is that of crime and corruption. The Macau Business Report expressed that “the casino-construction boom has been a fertile breeding ground for corruption.” 

Liu Shih-Diing of the University of Macau’s Communication Department highlighted concerns, at the time, that “all but two of the 300 plots bought since 1999 have been sold privately - with the approval of the Chief Executive, who has argued that ‘prices may be pushing too high during bidding’ if land were to be sold in open auctions.” With recent scandals in Cyprus’ housing market regarding the golden visa program, it is in the island’s best interest to ensure that transparency is held at a high standard.

If the casino tourism industry in Cyprus is regulated appropriately, it is highly likely that it will be a regional and potentially global tourist attraction for years to come. From employment to expansive tourist attractions, the industry is well on its way to offer various benefits to the island. 

According to Melco’s Chairman and CEO, Lawrence Ho, “to us, it’s about beyond gaming. It’s about providing guests with world-class experiences. Whether it is entertainment, dining, or business, we are to be constantly pushing boundaries when it comes to providing premium guest experiences.” The summer of 2023 is expected to be boundless, bringing a new form of entertainment to Cyprus’ already lucrative tourism industry.