Greece’s land-based casinos saw an enormous slump in the amount wagered by customers in 2017. According to information released by the Hellenic Gaming Commission earlier this week, patrons wagered €1.58 billion at the country’s gambling establishments last year, down nearly 50% from the amount of €3.18 billion reported for 2008.
Revenue from land-based casino gambling totaled €253.5 million last year, down from €264.9 million in 2015 and €688.1 million in 2006.
Greece currently has nine operational casinos. The Porto Carras casino recorded the biggest decline in the amount of wagers placed by its gamblers last year, followed by the Aegean Casino, Achaia Casino, and Casino Loutraki, the Greek gambling regulator said in its report.
The recently released report about the financial performance of Greece’s regulated gambling entities also showed that the country’s overall gambling turnover totaled €11 billion last year. Online sports betting comprised the largest piece of the turnover pie as the total amount of €5.28 billion was wagered by Greek bettors in 2017, up from €5 billion in 2016. Online betting revenue amounted to €280.6 million. Greek lottery monopoly OPAP saw turnover of €4 billion last year.
Elliniko Casino Bidding Process to Be Launched after September 10
The Hellenic Gaming Commission launched earlier this month a pre-tender consultation period, seeking input from companies interested in building a casino as part of a larger integrated resort plan for the former site of the Elliniko International Airport near Athens.
The project was initially announced years ago and local developer Lamda Development was selected as the preferred company to develop an €8-billion mega-complex at the former airport. The Hellenic Gaming Commission was expected to launch a bidding process for operators interested in joining the scheme and operating a gambling venue as part of the resort last year. However, bureaucratic challenges delayed the move.
The regulator said earlier this month that it will look to launch the call for bids soon after the end of the ongoing consultation period on September 10. The Gaming Commission has been conducting and is to conduct series of meetings with potential bidders to ensure that the process, once launched, will be carried out in a proper manner.
The regulatory body said this week that five major companies have lodged interest in operating the casino portion of the integrated resort, with those being Caesars Entertainment, Hard Rock International, Mohegan Gaming & Entertainment, Las Vegas Sands, and Melco Resorts & Entertainment. It is yet to be seen whether all five of them will submit applications for what could be Europe’s most expensive integrated resort.
As mentioned above, the mega-complex will involve €8-million investment from developers. It is believed investment in the casino portion could reach €1 billion. The massive project is expected to create 10,000 jobs during construction and to employ more than 70,000 people directly and indirectly ones fully operational.
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