By L. Kalamara
[email protected]
A voluminous omnibus bill, ratified on Monday by a majority of Greek lawmakers, includes several revisions in the legal framework governing the nine current casino operators in the country, with one last-minute amendment foreseeing a two-month suspension of operations for arrears to employees - i.e. wages - exceeding a month.
The development generated a sharp reaction by many the gaming sector, given that six out of the nine casinos in the country, according to information presented by "N" this week, show that they own employees back wages of between two to 10 months.
Passage of the relevant amendment by MPs hailing from the government coalition essentially means that current casino operators must immediately cover payroll arrears or face a temporary closure. If the impasse continues, the new legal framework gives the relevant finance ministry the right to transfer the casino license to a new operator.
According to gaming sector analysts and executives at the specific companies, back wages by six casinos to some 2,000 employees now reach 15 million euros.
On the one hand, unpaid employees consider the development as a welcome pressure on their employers. Conversely, sources close to the managements of the six casinos with arrears to their workforce hinted at an effort to change operators or reduce competition by using the back wages issue at a pretense.
In a related development on Wednesday, Athens-based Intralot group - a listed gaming solutions supplier and operator - announced that it has purchased a 50-percent stake in the Cypriot company Karenia Enterprises Co. Ltd. through its subsidiary, Intralot Global Holdings BV.
The purchase price was given as 6.75 million euros.
Karenia Enterprises has a 30-percent stake in the Athens Resort Casino SA Holdings, which in turn holds a majority (51 percent) stake in the Hellenic Casino Parnitha SA, the sole casino operator in the greater Athens area.
