Analysis GREECE
becoming the administrative arm of the casino operations.
When privatisation plans were initiated four months later in 2002, Hyatt Regency was nominated as the winner acquiring a 49 per cent equity stake. Meanwhile the Corfu casino opened in 1962 at the historic Archilleon building which was on a 20 year lease from a German company.
The building was restored and in 1988 the state run Tourism Development Company (Hellenic Tourist Properties) decided to move the casino to the Corfu Holiday Palace Hotel in a bid to attract higher level players.
In 1991 the casino functioned at both locations until a year later when it was operated exclusively at the hotel grounds. In 2000 the administration of the casino went to the Greek Tourist Development Company.
Initially the law 2160/93 followed by the Law 2206/94 governing the establishment of casinos, was introduced in April 1994. This saw the market open to independent operators and also saw the transfer of state run casinos to the private sector. The casino sector is now controlled by the National Tourism Organisation and
Casino operators
say that instead of hitting the black market the
government is merely creating a
new VLT market. It is thought illegal
gambling is currently worth €4bn – half of which comes from the gambling
websites and the other half from underground casinos,
bookmakers and poker rooms.
• For a period of 12 years no other casino operation licenses should be granted.
• The casino operation licenses were granted by the Minister of Tourism following an international bid conducted by a seven member committee.
• SA and joint venture companies were permitted to apply and the share capital of the SA companies or total share of the joint venture companies had to be at least DRS2bn.
• Operators also had to pay the following fees and revenues to the state:
1. Fee of DRS2,000,000 to submit the application.
2. Financial offer for the provision of the operation license. Operation licence fees vary from province to province from the minimum amount of DRS250m for Florina, Syros and
G3 I JUNE 2011 I PAGE 42
supervised by the Casino Committee.
The legislation governing casinos is extremely comprehensive and includes the following points:
Doirani areas to the maximum of DRS10bn for the Athens municipality.
3. Participation in the gross gaming profits. The Hellenic State meanwhile receives 30 per cent of the monthly gross gaming revenues for the casinos in Attika, Thessaloniki, Crete, Corfu, Rhodes and Achaia. The remaining regions pay 20 per cent.
4. Special annual fee for the possession of the casino operation license. This is set at DRS1.2bn for each of the casinos in Athens, Thessaloniki and Crete; DRS200m for Rhodes, Corfu and Archaia and DRS50m for the remaining casinos.
5. Taxes, fee and rights stipulated by the law governing the operation.
• Games which can be played at casinos are: Blackjack or 21; French Roulette; American Roulette; Baccarat; Punto Banco; Dice; Poker; Chemin de Fer; coin operated slot machine without screen and coin operated slot machine with screen; electronic roulette (provided with a licence from casino committee).
• There are no limit on number of tables
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68