Greece Government Announced New Casino Licensing Provisions

Greek government published new rules for licensing gambling operators.

On thursday, december 6, the greek parliamentarians discussed the amendment of the ministry of finance to the law 4512/2018, in which the casino work conditions will be established. New rules will be of particular interest to potential operators of gambling objects in the proposed project of the resort hellinikon worth €8 billion on the basis of the old athens international airport.

Regulations establishes two types of casino licensing: «single» licenses will be issued to gambling establishments located in four-star hotels. Such documents will have a 15-year term. The license requires minimal paid capital in the amount of €500 000 (before €5 million in five years).

«Large-scale» licenses will be issued to those casinos that are located in five-star hotels, as well as in those resorts that have at least one major non-chamber object. For example, a golf course, a conference center, a marina for yachts or spa. These licensees will be valid for 30 years and will require paid capital in the amount of €1 million at the initial stage and to €5 million after five years.

Existing casino operators in greece are likely to be reused to continue working within the new system in order to use the simplified tax system approved by the government in january. According to official information, the current gambling company will be granted until deception 1, 2019 for the submission of new applications.

Finance minister euclide tscccalotos told parliament that these proposals will allown announcing a tender for the construction of a casino construction in hellinikon during the month. In october, the greek media reported that only three american operators – hard rock international, caesars entertainment and mohegan gaming & entertainment – remain among candidates for the construction of gambling facilities in hellinikon.