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Update GREECE GAMING MARKET


The privatisation revenue target of


€9.3bn for 2012 is supposed to be achievable and


Greece had initially agreed to raise €5bn from state sales during 2011.


But delays in setting up privatization


funds coupled with plunging stock


market values, has forced the


government to cut


this target to €4bn. However it is


thought in all reality Greece will only raise €1.8bn.


Porto Karras Casino Syros Casino Corfu total


greek casino data 2010 casino


Club Hotel Loutraki Regency Thessaloniki Regency Mont Parnes Casino Rio


Casino Rodos Xanthi


no. of taBles 97 77 66 40 34 24 35 26 15


414


As well at putting DEPA on the market, a tender for a major urban redevelopment project at the site of Athens old airport is also being launched and will turn the abandoned site into a park and residential area. Other projects in the second half of 2012 will include a concession for 12 ports and 39 regional airports alongside sales of stakes in Athens and Thessaloniki water utilities.


But the country’s repeated failure at meeting budget targets is angering international lenders. Under the terms of the €10bn bailout Greece is supposed to sell state assets worth €50bn by 2015.


greece Must


now undertake a new round of austeritry


Measures such


as governMent layoffs, wage and Pension cuts.


been hindered by a decrease in market prices even though Athens is committed to a timetable of asset sales if it wants to continue receiving bailout loans from its Euro zone partners and the IMF. But a worsening economic climate and a plunging stock market are hindering sales and this is now forcing the authorities to revise initial targets.


The privatisation revenue target of €9.3bn for 2012 is supposed to be achievable and Greece had initially agreed to raise €5bn from state sales during 2011. But delays in setting up privatization funds coupled with plunging stock market values, has forced the government to cut this target to €4bn. However it is thought in all reality Greece will only raise €1.8bn.


greek history Greece’s gambling background is of course well documented. Traditionally gaming was restricted to the casino market with amusements permitted in arcades and in street sites. Of course illegal slots were rife and even video games would pay out money.


In 2002 the whole thing erupted in a political scandal and the government’s knee jerk reaction to the public outcry was to introduce the 3037/2002 bill in July 2002 which saw all electronic games banned even those running on home computers.


pro curve the industry's first curved LCD display


no. of slots 1,050 929 969 311 310 178 433 180 50


4,410 ggr


€162.8m €121m €153.5 €24.2m €27.5m €8m


€8.4m €4.9m €3.1m


€513.4m


JVH Hellas, which imported Photo Play consoles at the time, withdrew 7,000 machines from this market and estimated its losses at €2.9m. The company said at the time that some 1.5 million photo play players were affected by the decision back in 2002.


Although the industry understood the need to wipe out illegal gambling, the problem was the law was drafted in such a hurry that is wasn’t able to differentiate between a gaming machine and games played on a computer at home. It was also put into place without the desired three months notice that the European Commission requires for draft laws.


Basically the Greek industry crashed and died overnight, companies closed down and thousands were made unemployed. The European Commission was dragged into the battle and for years the whole saga has been a campaign to have the bill amended.


In 2006 Greece was convicted for its failure to fulfil its obligation under EC rulings but it still refused to take action and thereafter the European Commission ordered the Greek Republic to pay a penalty of €31,798 for each day of delay in “implementing the measures necessary to ensure full compliance with the judgement.”


Now things look set to change. The ban combined with a complete lack of regulation has led to the emergence of a vast illegal market. In addition, and perhaps of a higher priority, is that the government now needs urgent revenues to save it from falling deeper into economic crisis.


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