The Mont Parnes Casino was the first casino to be operated in Greece, opening in the mid ‘60s. In 2001 privatisation procedures were initiated aimed at the sale of a 49% stake and a management transfer to a strategic investor. A consortium consisting of Hyatt Regency and Elliniki Techodomiki, named as Athens Resort Casino, won the tender; the privatisation process concluded in November 2002 and the management contract became law in April 2003. Greece has now announced plans to float its 51% stake, owned by the state Hellenic Tourism Development Co (ETA).

Last week it was announced that Hellenic Casinos Co, owned by three Greek families, was selling a 51.57% stake in Hyatt Regency to funds advised by private equity group BC Partners. The sale will need approval by the European Commission. Last June Hyatt Regency declared that following a 2007 completion of renovation work at the Hellenic Casino of Parnitha (Mont Parnes) revenue could be expected to increase significantly. Figures for 2004 were up to nearly US$180 million from US$157.4 million the previous year. Hyatt Regency started casino operations in Greece at Thessaloniki in 1996.

In November 2005 Hyatt Regency commenced operations in Tirana, Albania after winning a 15-year exclusive licence, a 100% management contract and a 30.5% shareholding interest. Through the Regency Casinos in Mont Parnes and Thessaloniki, Hyatt Regency is Greece’s leading casino operator and controls over 50% of the Greek gaming market.

Last September it was announced that the Greek government would approve the sale of 77% of its Corfu casino, amongst other privatisations being considered to offload state-owned tourist operations. Greece aims to raise nearly US$2 billion from privatisations to reduce a budget deficit. The government stake in the Mont Parnes casino, just north of Athens, will be listed on the Athens Stock Exchange through ETA. (E-01.16.06)

© Copyright 2006 CasinoCompendium



>>> return to archives
>>> return to frontpage