BUSINESS

The losses are on the house as well as on the state

By Stathis Kousounis

Total turnover in Greece’s casinos has shrunk by about 60 percent in the last five years, inflicting a blow on state revenues.

In 2013 casinos had a turnover of some 300 million euros, posting a decline for the fifth year in succession.

The best year for casinos was 2008, when turnover had reached 744.5 million euros. In 2011 it had amounted to 419.7 million euros and in 2012 it was at 330 million.

Besides the ownership and tax revenues the state has seen go down, there is also a loss for local authorities as they are also entitled to a direct share of casinos’ turnover.

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