The Greek government is seeking to offload its stake in the country's second largest casino, Hellenic Casino of Parnetha, and is in the process of appointing financial advisers to review its options.
In light of the country’s economic problems, the government is implementing a strategy to sell off certain state-owned assets, including betting firm OPAP, in order to raise revenues and meet the requirements of an EU/IMF bail-out.
Through its investment entity ETA, the state controls 49 per cent of the casino, while 51 per cent belongs to Athens Resort Casino, an investment vehicle of Regency Entertainment and Ellaktor. Athens Resort Casino entered into an agreement with ETA in 2003 under which both have the right of first refusal on the sale of any shares in the casino by the other party. Regency, meanwhile, has a management contract with HCP valid until 2013.
Outlining its plans to fully privatise the casino through the sale of ETA’s stake, the government has invited expressions of interest from leading institutions to undertake a review of the Greek casino market and assess its best options regarding the existing casino licences and the possibility of granting new ones.
The appointed party will also provide assistance in the implementation of the government’s privatisation process and negotiations with the casino’s other stakeholders.
