Wednesday April 23, 2014 Search
Weather | Athens
23o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Las Vegas Sands examines option of operating a casino in Athens

Another likely reaction to Las Vegas Sands’ entry into the local market would come from the Loutraki casino, which obtained its permit with the state’s pledge that no casino would operate in the capital.

By Vangelis Mandravelis

The planet’s biggest casino company is eyeing the creation of a casino in Athens, following its decision to scrap plans for the creation of a 30-billion-euro mega-resort in Spain.

Sheldon Adelson, the head of the Las Vegas Sands Corporation, told Bloomberg on Monday that he will be examining options in various European cities such as Athens, Rome, Madrid, Barcelona, Milan and Paris for the creation of casino resorts.

This will not be the first time that the Israeli-American billionaire will be knocking on Greece’s door. In 2007 he submitted a casino proposal for Athens’s former international airport at Elliniko to Giorgos Alogoskoufis, who was finance minister at the time.

The issue of creating a casino in the Greek capital initially arose in 1994, when the country’s first casino permits were issued. However the subject has re-emerged as a topic for discussion since the start of the privatization process concerning the Elliniko site. In fact a special plan for Elliniko’s development recently handed to interested investors provides for the creation of a casino. The question of whether a casino will finally operate on the plot will be answered in another tender that the state will conduct at a later stage, after the completion of the concession process. The same more or less applies to the privatization of the Astir Palace hotel at Vouliagmeni, southern Athens.

Nevertheless market professionals note that the operation of a casino at Elliniko could create more problems than it would solve. The OPAP gaming company would be the first to raise a legal issue as it holds the 565-million-euro license to operate video lotto terminals (VLTs) and its agents have to adhere to terms and conditions such as player limits and identity cards by law. However, these terms and conditions do not apply to casinos.

Another likely reaction would come from the Loutraki casino, which obtained its permit with the state’s pledge that no casino would operate in the capital. That problem could be overcome by changing the law on taxation and reducing the rate for casinos from 33 percent to 20 percent, which would satisfy the Loutraki casino.

Generally Las Vegas Sands does not enter tender processes when it wishes to obtain a license. It tends to negotiate directly with governments for the creation of resorts with casinos instead of making bids. That could be its plan for Greece.

ekathimerini.com , Monday December 23, 2013 (22:54)  
Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
Greek debt swells again as Samaras looks to creditors for relief
Corfu property market puts up resistance to pressures
Major tourism promotion at travel fair in Latin America
Tunisian sought over employment scam
Police in Thessaloniki were seeking on Wednesday a Tunisian national over an alleged employment scam. The 59-year-old suspect is believed to have charged 102 people seeking employment over 6...
FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
U.S. authorities have asked the public to help identify as many as 90 possible victims of a suspected child predator who worked at American and other international schools in at least nine c...
Inside News
BASKETBALL
Reds and Greens stay alive in Euroleague
Easter – and home advantage – worked wonders for Panathinaikos and Olympiakos who stayed alive in the Euroleague play-offs beating CSKA and Real Madrid respectively on Monday in Greece. Shak...
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
Inside Sports
COMMENTARY
Reality´s other side
There is plenty of evidence pointing to the fact that the country’s real economy has hit rock bottom and is currently entering a phase of growth. Those who know the market well tend to suppo...
EDITORIAL
Enough barbarity
The events that took place on Santorini on Holy Saturday, when seven people were injured, including an American tourist who sustained life-threatening injuries, after a firecracker was throw...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
2. Greek debt swells again as Samaras looks to creditors for relief
3. Tunisian sought over employment scam
4. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
5. Corfu property market puts up resistance to pressures
6. Major tourism promotion at travel fair in Latin America
more news
Today
This Week
1. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
2. Greek debt swells again as Samaras looks to creditors for relief
3. Tunisian sought over employment scam
4. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
5. Three more arrests made on Santorini over Easter injuries [Update]
6. PM Samaras sees Greek bond yields falling more
Today
This Week
1. Greece's market return mirrors return of tourists
2. Greece startup leaders say they can’t break jobless cycle alone
3. Ground-breaking Good Friday mass signals thaw in Cyprus
4. Mayoral candidates clash over Athens mosque plans
5. Government looks to kick on
6. Greece offers to help find Turkish F-16 lost in 1996
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.