Greece passes gambling reforms

Lawmakers in Greece have passed gambling reforms under a larger legislation pack to boost economic development in the country.

Greece.- Governments are used to take advantage of the gaming industry and its revenues. That’s why Greece passed a gambling reform in order to boost economic development.

The measure is part of a larger package of legislation designed to improve the country’s economy. It includes a gambling bill that allows Random Number Generator games – slots – despite controversy from previous drafts.

Greece has set gambling licence fees to €3 million, down from €5 million. Moreover, it sets a 35% GGR tax and a 20% corporation tax before the 35% revenue tax is subtracted.

Moreover, it allows 24 online 2011-licensees to operate until March 31 and reapply then.

Land-based segment

Greece is soon to feature a casino resort. Two operators have already bid for the construction and operation of the facility. Mohegan Gaming & Entertainment, one of the two bidders, has shared its plans for the Elliniko casino.

Mohegan is currently competing with Hard Rock International for the 30-year licence to operate the casino. The operator’s bid is a joint effort with Greek contractor GEK Terna.

Mario Kontomerkos, CEO of Mohegan Gaming, said that the company has prepared the plans for the casino over the past two years. He also said that all architectural, costing and land planning work is complete. “We are ready to begin as soon as we receive all the necessary approvals,” he said. “We want to start as fast as possible.”