ECONOMY

CoS casino verdict set to cause delays

cos-casino-verdict-set-to-cause-delays

The stakeholders of the Parnitha casino, which includes the Greek state, are waiting for the formal text of the Council of State verdicts against the transfer of the enterprise to the northern Athens suburb of Maroussi, so as to examine whether it is possible to remedy the constitutional problems of the relevant law.

The relocation of the casino to within the capital’s borders was expected to boost the value of the portfolio of 49% owner Hellenic Public Properties Company (ETAD), in an investment of 200 million euros.

However, the CoS verdict has not only canceled the law for the relocation but also the ministerial decision on the plot that has been selected in Maroussi. Even if the constitutional impediment can be remedied through a new law, the investment is going to be delayed by several months, given the time required for new legislation and the resumption of the necessary procedures.

Furthermore, the new legislation that would allow the Parnitha casino to move to Maroussi will also have to be open to the relocation of other casinos too, according to legal sources, thereby changing the market’s balance.