NICOSIA — Despite rolling health restrictions across Cyprus, two of four casinos on the island are operating during the COVID-19 pandemic, two others suspended for now during a lockdown on the island's hard-hit southwest side.
Those put out of action for now are operated by Cyprus Casinos, a subsidiary of Melco Resorts & Entertainment, the Hong Kong-based gambling giant that has satellite casinos going while building a massive resort in Limassol, where one of the temporary units was closed for now, along with one in nearby Paphos.
Cyprus Casinos, which is developing the 550-million-euro ($650.87 million) City of Dreams Mediterranean had closed all four its its units plus the temporary operation in Limassol from March 17-June 13 under an earlier lockdown.
The worldwide effect of the pandemic is hurting casinos, with even Melco seeking investors to try to limit the damage after reporting major losses this year with places closed, including a $331 million hit in the third quarter, said CalvinAyre.com.
The Cyprus operations have done better, accounting for $20.5 million in revenue and $6.3 million in earnings. With the new shutdowns, the last quarter of the year most likely won’t be able to continue that rebound, the site also said.