Filenews 13 September 2022 - by Eleftheria Paizanou
The money played on slots at Cypriot casinos this year, from April to the end of June '22, exceeded all precedents.
According to the financial results of Melco, the managing company of casinos in Cyprus, in the second quarter of 2022, in the temporary casino in Limassol and in the three satellite casinos in Nicosia, Paphos and Ayia Napa, an amount of €311.7 million was played. ($315.9m), compared to €137m. ($161 million), in the second quarter of 2021. The profit rate in gaming machines was 5% in the second quarter of 2022, compared to 4,9% in the second quarter of 2021. In fact, in the corresponding period of 2020, the money played was particularly low, as at that time the total stake was €48.7 million. ($57.2 million), due to the restrictive measures for the pandemic.
On the other hand, between April and June 2022, much less money was bet by VIP players on the rest of the table games of chance, such as roulette, blackjack, etc. According to Melco's financial results, the total amount of money wagered on VIP board games (rolling chip volume) was about €100 thousand. ($0.1 million) for the second quarter of 2022, compared to €1.28 million. ($1.5 million) in the corresponding quarter of 2021.
At the same time, in the same period (second quarter of 2022), betting on the rest of the table games offered by casinos in Cyprus outside the VIP (mass market table games drop) increased. Specifically, players have bet €31 million. ($31.4m), compared to €12.27m. (versus $14.4 million) in the corresponding quarter of 2021. It is worth noting that, in the second quarter of 2020, in the board games, an amount of €3.49 million had been wagered. ($4.1 million).
The total operating revenues of Cyprus Casinos recorded a significant increase in the second quarter of 2022. Specifically, for the quarter ended 30 June 2022, the total operating income of Cyprus Casinos amounted to €21.4m. ($21.7 million), compared to €8.52m. ($10 million) in the second quarter of 2021 and €2.98 million. ($3.5 million) in the corresponding quarter of 2020.
In addition, Cyprus Casinos recorded, adjusted for the second quarter of 2022, earnings before interest, taxes, depreciation and amortization (EBITDA) of €5.5m. ($5.6m), compared to a loss of €682k. ($0.8 million) in the corresponding period of 2021.
