Greece to amend casino license law

The Greek Parliament has proposed an amendment to the casino license law. The amendment seeks changes in the terms and conditions required to operate a casino in the country. The country’s Finance Ministry is studying the proposed amendment.

The amendment aims to define new terms and conditions for sanctioning casino licenses. It is said that US investors who are interested to fund casinos in the country want clear framework and the modifications are being done at their behest. The new amendment also touches on a number of important issues, such as minimum standards for serving up each type of casino and regulations for small-scale and large-scale casino operations. Smaller-scale casinos, for whom 15-year licenses would be issued, can feature four-star hotels, shops, restaurants, and entertainment options, and the licences could last up to 15 years.

Large-scale facilities, which will get licenses up to 30 years, can feature at least five-star hotels, a golf course, a conference centre, and a spa, among other things.

The amendment clearly states 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.