Greece Market Report
Gambling is in Greek blood. Te earliest casino in Greece was opened in 1928 – the Club Hotel Casino in Loutraki - although the first laws
concerning casinos didn’t happen until the 1960s. At the time and up until 1994 the law only permitted three state-run casinos the first of which to open was the Mont Parnes Casino, located a few kilometres from Athens followed by Corfu’s Archilleon Casino and then Rhodes. In 1994, further licenses were granted and 12 in total were released.
Work is also due to start on Project Voria in the
Delavari area of Maroussi in northern Athens. Tis new entertainment and hospitality hub is being developed by North Star Entertainment to the tune of €300m. Once built, the Regency Casino Mount Parnes in Parnitha, Athens will relocate its licence into a complex spanning 8,500sq.m Te project also includes the construction of a
five-star hotel, conference and events centre, dining and entertainment facilities. Te project has been dogged by appeals against
the development, in particular from Loutraki Casino, which has cited jurisdictional issues but was granted approval by Greece’s Council of State in May this year. North Star Entertainment is the owner of the
Parnitha casino and the project is seen as the largest strategic investment in Attica’s northern suburbs in decades. Meanwhile, there is a plan to open a new casino
in Heraklion on the island of Crete. Te plans for an Integrated Resort Centre will span three distinct areas – shopping and leisure, casino and IRC ac- tivities including sports facilities and conference centre and tourism and recreation area with luxury hotels and villas. Te development site has been purchased by
Greek company REDS SA for €42.2m and is located on a former US military base in Gournes.
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