Government not 'gambling' with casino licensing standards

139465898 1455265245

139465898 1455265245

Greece's Finance Ministry has announced a set of reforms concerning casino licensing and operations with an amendement to be tabled in Parliament.

Specifically the amendment will set out the terms and conditions to hold international tenders for licensing and operation of casino companies in Greece, which paves the way for an international tender for the casino in Hellinikon.

Finance Minister Euclid Tsakalotos said a process for the casino tender will begin in one month, adding that the amendment envisages the inclusion process into the new system of existing casinos operating in the country.

The amendment sets criteria for casino operation licenses in two categories, simple type and widespread-type licenses. The simple type casino will be able to have four-star hotels, along with shops, restaurants and entertainment, while widespread casinos will be able to have at least five-star hotels, a conference center, a golf course, a sea spa and a marina. The simple-type casino license will have a 15-year duration while the widespread casino 30 years' duration and will be able to be renewed once or more times.

Minimum capital for a simple type casino license is set at 500,000 euros, rising to 5.0 million after five years, while for widespread-type licenses the minimum capital is set at 1.0 million euros, totaling 10 million after five years.

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