The Greek government approved late on Monday an omnibus bill that included a swathe of fiscal, energy, and labor reforms, despite heated rallies outside the Parliament building. The 1,500-page legislative piece also included already highly contested changes in Greece’s casino industry and the way land-based casino owners are taxed.
The new taxation system will require from the country’s brick-and-mortar casinos to share a certain portion of their annual revenue, depending on how much they have generated throughout the year. They will have to contribute a 20% portion, if they generate revenue of up to €101 million, a 15% portion for revenue of between €101 million and €201 million, a 12% portion for revenue of between €201 million and €500 million, and an 8% portion for full-year revenue of over €500 million.
The massive bill also included provisions for the authorization of three new casinos on the Greek islands of Crete, Mykonos, and Santorini. The Hellenic Gaming Commission will be tasked with issuing the three new casino licenses. Under the omnibus bill, interested developers will, to an extent, be free to select a preferred location for building the new casinos across any of the three above-mentioned three islands.
There were a number of other gambling-related provisions in the 1,500-page document Greek MPs voted last night, details of which are yet to be released. However, it is important to note that the casino expansion proposal has already become the object of controversy between officials from the three islands and the Greek government.
Opponents of that latter portion of the proposed casino reforms were highly contested by officials of all three islands. They have been arguing that a casino venue would change the islands’ character and would bring a different group of visitors to the flock of tourists that vacation on them every year.
In a letter to the local council, Santorini’s Mayor Nikos Zorzos has said that his island did not need an investment of this kind. He has further pointed out that the construction of a casino would bring irreparable consequences to the island’s “economy, culture, and social structure”.
According to recent media reports, Crete officials have, too, opposed the proposed construction of a casino on its territory, and have been gearing up to launch a push to prevent the plan from being realized.
Local news outlet the Greek Reporter reported that the Greek Finance Ministry might be ready to compromise and present an amendment to the current draft bill that would allow for the future casinos on Mykonos and Santorini to operate seasonally (from March to October) instead of all year round.
The amendment will aim to reduce opposition to the planned casino expansion, which is hoped to bring additional and much-needed revenue to Greece’s coffers.
Source: GMB
