Hellinikon's casino set to launch soon.
The Greek Hellinikon casino project is taking shape with more concrete details emerging. Mohegan Gaming & Entertainment, a US group, has been given the green light by the Hellenic Gaming Commission (HGC) to start developing Greece's first integrated casino resort. At the same time, HGC has launched applications for online gaming licenses. What are the conditions?
Casino Project Brings 7,000 Jobs
The Hellinikon casino project, which involves transforming Athens' closed airport into a major gambling center, has been a hot topic for quite some time. Mohegan has just come out on top against Hard Rock International in a heated competition. After multiple appeals were rejected by the Greek Supreme Administrative and Constitutional Court, Mohegan officially received the Hellinikon license.
In line with HGC's decision, Mohegan can now start developing the casino. The investment is estimated to be over 500 million euros, with the whole project valued around 8 billion euros. The development of this billion-euro project could significantly boost Greece's economy by creating over 7,000 jobs in the area during and after construction. It's also expected to generate millions of euros annually in taxes, infrastructure improvements, and public services. International tourism in the region is anticipated to surge by more than 10%.
The design of the Greek Hellinikon casino project was done by Inspire Athens, a collaboration between Mohegan, GEK Terna Holding, and a US architecture firm that specializes in casino resorts, Steelman Partners. The complex will feature a luxury hotel, numerous entertainment facilities, convention centers, shopping malls, high-end restaurants, and a 15,000 square meter casino. The casino will have at least 1,200 slot machines and 120 table games. Since the old Athens airport covers a whopping 620 hectares, it's thrice the size of Monaco.
Mohegan Welcomes the License
Stoked with their win, Mohegan praised the decision for focusing on the social and economic aspects. They believe their commitment to the community will be reinforced with the Hellinikon project. Mario Kontomerkos, President and CEO of Mohegan, expressed his excitement in leading one of the biggest development projects in Greece and cementing Athens as one of Europe's most attractive tourist destinations.
Online Gambling Licenses Up for Grabs
Coincidentally, Mohegan's approval came as HGC started taking applications for online gambling providers. Legal entities, including shareholders, executives, manufacturers, technology providers, and certification bodies, are all welcome to apply. Two types of licenses—one for sports betting and the other for other online gambling—will be offered.
In January 2020, the Greek Ministry of Finance submitted its online licensing system to the EU, which was approved by the Greek parliament in October. The licenses are priced at EUR 3 million for sports betting and EUR 2 million for online gambling, valid for seven years.
Strict Player Protection Rules
The licenses come with strict requirements: License holders need to pay a 35% gross tax rate on gambling revenue to the tax authorities. Gambling is restricted to those aged 21 and over. There's a maximum stake of 2 euros for each spin, and the winnings cap is set at 5,000 euros. Jackpot games are limited to 50,000 euros.
We'll have to wait and see who will apply considering the high costs and stringent requirements. According to the ministry, the regulatory plan is strategically justified by ensuring fair competition, player safety, attracting investors, increasing state revenues, and improving player protection.
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Source: www.onlinecasinosdeutschland.com
