Greek Casinos Experiencing Sharp Fall in Revenues

Greek CasinosGreece, which used to enjoy lofty revenues from its casinos, has seen a sharp decline in nine of its registered casinos. Over the past seven years the group of nine casinos have seen more than a half a billion dollar decline in revenues.

This is partially because of a worse economic degradation that has hit the country in the past few years. The rising illegal betting also accounts for this sharp fall in revenue.

According to the latest estimates the turnover of Greek’s most popular casinos such as Rio, Mount Partnitha, Loutraki, Rhodes, Syros, Thrace, Halkidiki and Thessaloniki has seen a collective fall of close to 10% compared to the previous year.

The present figure stands at 270 million, which is less than €30 million compared to year 2013. However, these figures are way less compared to Greece’s most productive year, 2007, which saw a revenue of more than €700 million for all these casinos.

All the nine casinos have seen a periodic fall in revenue over the past few years. The collective revenue of all these casinos were at 744 million in 2008, 626 million in 2009, 513.4 million in 2010, 419.7 million in 2011 and 330 million in 2012. The situation is dismal for sure!

A percentage wise breakup shows that Halkidiki casino has shrunk its revenue by more than 90% compared to 2007. A similar comparison has highlighted that Thrace, Syros, Loutraki, Rio, Thessaloniki, Athens and Rhodes has fallen by 74%, 71%, 70%, 68%, 55%, 51% and 50% respectively.

The best performing casino so far in the past seven years has been Corfu, which has seen a decline of only 27%.

2015 is not looking that great either. The legalisation of video terminal lottery, which is set to make its entry this spring will definitely push the struggling casinos further. In a hope to cut through the competition most casinos are waving the admission fees as well.

The money placed at all the casinos in 2014 also saw a decline of 5.5% compared to last year. The present figure stands at 1.4 billion compared to 1.5 billion the previous year.

The last one year saw a collective admission fee of 2.3 million in all the nine casinos. Another interesting fact remains that all the nine casinos drew 60% of their revenue from slots alone.

It remains to be seen how these casinos end up performing in 2015 and the upcoming years.

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