A cross-party trio of Cyprus MPs has proposed a bill amending a recent EUR10,000 (about US$10,500) cap on cash transactions, to give an exemption to the Mediterranean-island republic’s casino monopoly run by Melco Resorts & Entertainment Ltd.
The amendment aims to modify Cyprus’ anti-money laundering (AML) law, allowing customers to use in casinos, casino resorts, and satellite casinos, cash beyond the EUR10,000 cap, said the Cyprus Mail.
Melco Resorts runs a casino complex, City of Dreams Mediterranean (pictured), on the island, which opened from summer 2023 in the holiday resort city of Limassol. The group also has under its monopoly, the right to run satellite casino operations in the Republic of Cyprus.
The bill to amend for casino operations the reporting threshold was submitted to the Republic of Cyprus’ unicameral parliament last week, by Democratic Party (DIKO) leader Nicholas Papadopoulos, and MPs from respectively the Democratic Alignment party (DiPa) and the Democratic Rally (DISY) grouping.
A new law in Cyprus came into effect on January 1, and prohibits transactions of more than EUR10,000 in liquid assets, such as cash. Under the new legislation, all transactions over the EUR10,000 cap must be conducted using bank transfers, credit and debit card payments, and other electronic payment methods.
Cash transactions above the stated limit are considered illegal and punishable by fines or even jail time.
Melco Resorts’ chairman and chief executive, Lawrence Ho Yau Lung, has touted the value of his Cyprus operations to boosting tourism and job creation in that nation.
In its fourth-quarter 2024 results published on Thursday, the Cyprus operation produced adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of nearly US$11.8 million for the three months to December 31.
That was up 148.9 percent on the just-above US$4.7 million in adjusted EBITDA in the prior-year quarter.
The fourth-quarter 2024 operating loss for the Cyprus business narrowed from a year earlier, to US$897,000, from US$9.2 million.
