Cyprus Casino Revenue Improves Housing

Cyprus plans to use 15% of Melco’s new casino’s revenue in Limassol to fund housing projects in the island country. The City of Dreams Mediterranean casino will become operational this year after its planned 2021 opening was delayed by the COVID-19 pandemic. 

As soon as it opens its doors for patrons, the US$667-million resort will channel 15% of its gambling windfall to the Cyprus Land Development Corporation (CLDC) to help with the promotion of the housing projects in the country.

Casino Funds Will Help with Housing for Economically Vulnerable Households

With the 15% contribution the City of Dreams Mediterranean resort will send to Cyprus’ government, the budget of the CLDC will increase substantially. The CLDC’s budget for 2021 was US$3.42 million in 2021, but it rose to US$13.2 million in 2022.

That additional funding would help CLDC to assist economically vulnerable households in Cyprus by building more than 800 housing units. These would be given to people participating in the government’s affordable housing plan or via Cyprus’ initiative for cheaper rent for financially vulnerable households.

Will Put Limassol on the Gambling Map

The City of Dreams Mediterranean resort is a US$667 million investment by Melco International Development. It was scheduled to open in 2021, but the investor had to delay the opening of the casino due to the COVID-19 pandemic.

The casino will be located in Limassol and will put the city on the gambling map in both Cyprus and Europe. Nicosia has the most casinos in the island country with 171 Class A properties, but Limassol is a close second with 149 licensed gambling providers operating in the city. 

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