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
