Greece sets terms for casino licensing

The terms and conditions for the operation of casinos in Greece are included in an amendment being brought up on for discussion in the Greek Parliament on Thursday. The amendment will be presented by the country’s Finance Ministry.

Passage of the amendment may mean the approval of an international license for a casino in Hellinikon, Athens.

The new amendment clarifies a series of issues such as minimum standards for setting up each type of casino, and sets many criteria for both small-scale and large-scale casino operations.

The so-called smaller-scale casinos will be able to have four-star hotels, along with shops, restaurants and entertainment, with licenses good for fifteen years. Large-scale casinos will be able to have at least five-star hotels, a conference center, a golf course, a spa and a marina. License duration for the larger-scale casinos will be 30 years.

In addition, the large-scale casinos will be able to have their licenses renewed multiple times.

The minimum capital for a small-scale casino license is set at €500,000 ($570,000), rising to €5.0 million ($5.7 million) after five years of operation.

Large-scale casino licenses must have a minimum capital of €1.0 million ($1.14 million), rising to a total of €10 million ($11.4 million) after five years.