New deadline for bids on Corfu casino

Private businesses interested in acquiring an 80 percent stake in the state-run Corfu casino were, for the second time, given an extension to submit their bids. The new deadline is December 15. According to sources, interested bidders include hotel and construction companies. After the privatization, Corfu’s casino will have the same capacity as the Rhodes casino, 30 tables for various games of chance and 300 slot machines. After the winner of the bid is announced, a contract will be signed transferring ownership of 80 percent of the shares under a lump sum payment. The other 20 percent will be transferred by present owner Hellenic Tourism Properties (ETA) over a period of 50 years, with annual payments being made. The payments will represent a fixed percentage of the casino’s annual revenue. During the first months of the year, the Corfu casino’s turnover increased 18 percent over the same period last year, to 5.59 million euros.