Major changes mooted for Greece

Greece’s parliament has debated a recent Finance Ministry amendment to a law which could establish the terms and conditions for the long-awaited operation of integrated resort casinos min the country.

The government also revealed its plan for casino regulations, which will no doubt delight those parties that have long looked to the old Athens International airport, aka Hellinikon, for a huge redevelopment project.

The new rules offer a two-tier regime, with 15-year single entry licences applicable to four-star hotels, requiring minimum paid-up capital of €500k rising to €5m after five years.

The second tier requires operators to provide five-star hotel accommodation plus at least one major non-gaming draw, such as a golf course, convention centre, marina and spa facilities. These licenses would be valid for 30 years and would require paid-up capital of €1m to start, rising to €10m after five years.

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‘Wide-range’ casino licences would require five-star hotel accommodations plus at least one major non-gaming draw, for example a golf course, convention centre, or marina and spa facilities. These 30-year licenses would require paid-up capital of €1m to start, rising to €10m after five years.

Existing operators in the country will need to reapply to continue operating under the new system, with a deadline of December 1st 2019 being reported for applications.

Finance Minister Euclid Tsakalotos told parliament that the proposals would enable the tender for the Hellinikon casino license to finally get underway within one month.