The proposals for new laws have come on the back of the need to renegotiate the controversial video lottery terminal (VLT) contract between the Greek state and OPAP. However the debate on the former state-owned gaming operator’s contract extension has brought with it a far reaching plan to re-energise Greece’s entire gambling market and generate much needed tax.

Parliament is now expected to pass changes concerning the contract between the state and OPAP as regards video lottery terminals (VLTs) and the relocation of the Parnitha casino bringing it closer to Athens, as well as launching a tender process for new casino licences on Crete and Myconos and the licensing process for online gaming services.

At the centre of the debate is taxation with the Greek government recognising that government has realized that tax rates over 22% deter major investment, whilst threatening the sustainability of existing casinos.

Greek casinos peaked in 2008 turnover reached €744.5m. GGR fell by over 60%t over the next five years and has continued to fall since leaving once market leading casinos such as Loutraki, once one of the top earning casinos in Europe, close to bankruptcy.

The plan is to make a new casino licence at Elliniko, the old Athens airport, more attractive to investors.

There have also been discussion to cancel licences from casinos that are losing money and don’t attract investment.

Source: GMB / G3 Newswire