In 1994 the Greek State decided to privatise the casino at Mont Parnes and Hyatt Regency acquired 49% with the rest remaining in state ownership. Two years later the company opened a casino in Thessaloniki, now the largest casino in Greece. Until 1994 all casinos in Greece were state owned but now several private companies operate casinos in the country. In April 2005, in a bid to reduce the budget deficit at that time, Greece announced plans to lift the 2002 ban on slot machines and to fully privatise Mont Parnes Casino. Five months later the government agreed to the sale of 77% of its Corfu casino.

Yesterday debt-stricken Greece announced a 3-year plan to privatise assets in key sectors. Both Greek and foreign investors will be invited to bid for stakes in the country’s state owned water, electricity, postal and rail companies. Concession rights will be extended at Athens International Airport and the remaining state shares in casinos will be fully privatized. The sale of assets will not commence until next year in order to avoid ‘fire-sale’ offers.

Greece aims to raise at least €1 billion a year through privatizations between 2011 and 2013. This is a target agreed with the IMF and EU following a massive €110 billion bailout. However, the government is not expected to sell its 34% stake in OPAP, the Greek betting monopoly and Europe’s biggest betting firm. Last year OPAP generated net profit of €594 million, bringing significant revenue to the state. Some analysts believe that the government is more likely to introduce new online betting regulation laws and license OPAP and some others to operate. (E-06.03.10)

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