Greece sets new licensing terms for casinos

The parliament discussed an amendment that would change casino requirements. Credits: Wall Street Journal

The parliament discussed an amendment that would change the terms and conditions for the operation of casinos.

Greece.- The Greek Parliament discussed on Thursday an amendment that would modify the terms and conditions required to operate a casino in the country. The amendment is now waiting to be presented by Greece’s Finance Ministry.

It is believed that the amendment comes ahead of the planned casino at Elliniko, which is set to be built at the old Athens airport. The amendment was submitted to the House and aims to define new terms and conditions for the issuing of casino permits. Local outlet Ekathimerini said that the US investors interested in the facility want a clear framework before reaching a decision.

The new amendment clears a series of issues like minimum standards for serving up each type of casino, and sets regulations for small-scale and large-scale casino operations. Smaller-scale casinos would be able to feature four-star hotels, shops, restaurants and entertainment options, and the licences could last up to fifteen years.

On the other hand, large-scale facilities will be able to feature at least five-star hotels, a golf course, a conference center and a spa, among other things. The licence duration will be 30 years, and will be able to be renewed multiple times.

The amendment establishes that the minimum capital for a small-scale casino licence is set at €500k, and times to €5 million after five years of operations. Large-scale casino licences’ minimum capital rises to €1 million and €10 million after five years.

Did you like this article?