Greece to subsidise 800 gaming halls to boost real estate

While Malta's much maligned gaming halls remain shut down pending the enforcement of stricter rules for their operation, Greece is looking towards these mini-casinos as a way to boost their real estate sector.

While struggling to cope with harsh austerity measures prompted by it sovereign debt crisis, Greece's state gaming company is going to finance the set-up of 819 gaming halls - much like the same halls that sprouted unhindered in Malta without a gaming licence back in 2007.

The Greek state gaming company OPAP will subsidise the hosting of 16,500 video lottery terminals, which it expects to be operational within the next year. Each gaming hall will cost about €80,000, operate on a 24-hour-basis, have an area of 125 to 150 square metres and house between 15 and 25 slot machines.

News agency ANSA reports that almost half of them will be located in Attica, "and the venture is expected to give a much-needed boost to the country's problematic real estate market. OPAP intends to encourage cooperation among its agents so that they share the operation of the Gaming Halls."

Gaming halls were the subject of much controversy in Malta, when all that was needed to open a 'mini-casino' was a change-of-use permit from MEPA. Nested inside residential areas, and sometimes in the vicinity of schools, some 100 gaming outlets were opened, without any objection being raised by MEPA.

Then in February 2009, finance minister Tonio Fenech received a judicial protest by Malta's four casino owners, claiming losses due to "unfair competition" from the gaming halls. It was at this point, that calls for the regulation of the gaming hall business started to grow louder.

In August 2009, police swooped down on Malta's 80 outlets in the massive clampdown that shut them down.