The Greek Parliament have, in the past week, been debating proposals presented by the Finance Ministry regarding new regulations governing casinos and licensing requirements. If accepted, these amendments to law would pave the way for the much-delayed €8 billion integrated casino resort project in Hellinikon.
The main proposed amendment regarding Greece’s licensing system is to break it up into two segments: single entry licenses that would run for 15 years would be issued to four-star hotels, and wide range casino licenses with a period of 30 years would be issued to five-star hotels which also possessed certain facilities, such as a golf course.
These wide range licenses are so called because the entities issued them will have the option of renewing them multiple times. Licensees would be required to have minimum startup capital of €500k for single entry licenses and €1 million for wide range licenses. Each licensee will have to be operating with at least 10 times this amount within five years.
A tentative deadline for new license applications has been set for December 2019. It has furthermore been suggested that existing licensees would be asked to reapply under the new system, under improved tax regulations as announced at the start of this year. Many details were also presented in the debate, including requirements for casino standards.
If these proposals can be pushed through in reasonable order, it might just unstick the land-based gambling sector in Greece again, and see some forward motion on Hellinikon, where three major contenders – Hard Rock International, Mohegan Gaming & Entertainment, and Caesars Entertainment – remain in the race.
