Greece gears up for big-time gambling income

The €8 billion Hellinikon land-based casino project in Greece is attracting some of top-notch companies in the world. This project is all set to become the first ever integrated casino resort in the country. The launch of this project is expected to give a turbo-charge to the country’s gambling industry. The expected revenues from the project, mostly in the form of online gambling license fees, is around €5 million.

International operators will be able to bid on the Hellinikon casino license beginning in October and there is no shortage of interest as multiple gaming operators from around the world are showing interest in the planned €8 billion project. US-based Caesars Entertainment, France’s Groupe Lucien Barriere, and a couple of large Native American tribes are just a few of the industry giants that are expressing a keen interest.

The news outlet Ekathimerini claims that Las Vegas-based Miura Holdings and Canada’s Clairevest Group have also recently entered into the mix. It is also possible that two or more of these groups could form partnerships. Mohegan Sun has a close relationship with Miura Holdings and they could work together on the massive project. Even though the tender for the project would not be announced until October, potential operators have already begun to consider taxes and local regulations.

The Ministry of Finance confirmed that online gamblers will be taxed on their winnings. Winnings of under €100 will not be taxed but winnings between €100 and €500 will be subject to a 15 per cent tax while a tax rate of 20 per cent will be applied to any winnings that exceed €500.

Source: legalgamblingandthelaw.com