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Greece,
December 3, 2004
Bookies convinced UEFA
Cup betting coup took place
 LONDON
(Reuters) - Bookmakers are convinced a betting coup took place
surrounding Wednesday's UEFA Cup match between Greek side Panionios and
Georgia's Dinamo Tbilisi.
The
extraordinary betting patterns related to the match, which Panionios won
5-2 after trailing 1-0 at halftime, caused several bookmakers to suspend
betting.
"I have
no doubt that this was a betting coup," said Graham Sharpe at William
Hill. "But whether it was a betting coup based on a fixed result is
another matter."
"You
often see unusual betting patterns that you can subsequently put down to
a bandwagon effect."
British
bookmakers have increasingly exploited the possibilities offered by the
internet to take themselves into new markets.
"This
was a worldwide coup," said Caspar Hill at Betfair, an online company
that acts as broker for gamblers around the world to bet against each
other.
Odds
offered on Betfair for Dinamo Tbilisi leading at halftime and going on
to lose went from a relatively normal 36-1 down to 5-1 before kickoff,
while the odds on Panionios winning came in from 4-7 to 1-4.
Both
these patterns indicate heavy betting on those outcomes, although Hill
said that in Betfair's case that might not have been just normal
gamblers.
"To
have so many people calling up asking about a 5-2 result is very unusual
to say the least," Hill added.
"My own
view is that the traditional bookmakers were getting worried and tried
to hedge their positions with Betfair."
The
explosion of online gambling in recent years helps explain why British
bookmakers were taking bets on a UEFA Cup Group D match played by two
unglamorous clubs in front of 2,500 fans in Athens.
"A few
years ago this match would have been inconsequential but we now have
clients in these markets and feel obliged to offer odds," said Sharpe,
who added that his company had lost 10,000 pounds.
UEFA
officials said on Thursday they were gathering information but had not
yet launched an official investigation.
AUDIT TRAIL
Hill
said Betfair, if requested, would share what information they could with
European soccer's governing body about the betting patterns.
"Unlike
traditional bookmakers, our technology allows us to have an audit
trail," he said.
"We
have a number of agreements with sporting bodies such as the English FA
and Jockey Club which allows us to share the names of the people who
have had a bet.
"We
were talking to UEFA about signing such an agreement last week.
"We
could still show them the graphs of the betting patterns but without the
agreement we can't give them the names because of (Britain's) Data
Protection Act.
Some
bookmakers have criticised the new UEFA Cup group format this season,
which has eight sections of five teams with the top three going into the
last 32, because it offers greater possibilities of "dead rubbers".
That
was not the case in Tuesday's match, however, as Panionios still have a
slim chance of qualifying for the knockout rounds.
Panionios and Dinamo Tbilisi have both rejected match-fixing
allegations.
Greece,
December 3, 2004
Bookies caned in £25m fix
 BOOKIES
were caned in a £25MILLION worldwide betting sting on a suspicious
football match, it was revealed yesterday.
The
UEFA Cup game between Greek side Panionios and Georgian team Dinamo
Tblisi saw hundreds of punters throw cash at a 28/1 gamble.
They
correctly forecast that rank outsiders Tblisi would lead at half-time
but Panionios would end up winners.
Others ‘predicted’ the result — a 5-2 win by the Greeks — at a whopping
100/1. British bookies were hit for £1million and avoided a bigger
mauling by stopping taking bets when they suspected a sting.
Corals’ spokesman David Stevens said: “It was the most suspicious
betting pattern we’ve seen on any football match we can remember.
“Alarm bells began ringing when someone walked into one of our London
shops and tried to stake £1,000 in cash at 28-1 on the Tblisi half-time
and Panionios full-time result.
“We
let him have £50 and then the inquiries started to snowball. It was a
worldwide phenomenon with reports of people in Bosnia and Russia rushing
to bookmakers to place big cash bets.”
The
Greeks were 3/1-on favourites to win the match in Athens last Wednesday
but were 1-0 down at half-time.
 One
bookie said: “In the second half, the Georgians went ahead 2-1 at one
stage.
“The
whole team looked at each other as though that wasn’t supposed to
happen.
“The
Georgian keeper appeared to throw the ball into his own net at 3-2.”
One
bookmaking executive: “It’s impossible to assess the amount that has
been paid out globally but it must be at least £25million.”
Ladbrokes’ Warren Lush said: “We avoided major damage. We saw a big
gamble coming and were forced to stop betting at 1.30pm, six hours
before kick-off.”
And
William Hill’s Graham Sharpe said: “There’s no doubt bookmakers are
potentially vulnerable to pre-arranged match results.”
Last
night one theory blamed Russia’s mafia for the sting as Tblisi are from
Georgia, a former Soviet Republic.
Gambling consultant Joe Saumarez Smith said : “There have been other
dodgy-looking results in the early stages of the UEFA Cup.
“If
you have players earning just £200 a week for some of these obscure
sides and the team are offered £500,000 to fix a game, it is easy to see
the temptation.”
Last
night a UEFA spokesman said: “We are gathering information before
deciding if to launch an investigation.”
British soccer, which was rocked by match-fixing allegations eight years
ago, is now thought free of corruption.
Liverpool’s soccer cheat goalie Bruce Grobbelaar, 44, went bankrupt
after losing his fight against The Sun’s match-fixing probe.
Israel -
Greece,
December 1, 2004
How much does that casino rake in?
 Anyone
who has ever visited a casino can't help but wonder how much the owner
makes? How much can one rake in on the roulette table or from the
blackjack players?
Well, with the assistance of a prospectus, issued on the institutional
placement of Shahar Hamillenium shares this week, we can shed a
little light on the subject.
Shahar Hamillenium operates the Loutraki and Rhodes casinos
in Greece, both of which are owned by the Miloumor company. The
prospectus reveals the working of a modern-day gambling joint.
At Loutraki, a city not far from Athens, the casino runs 70 gaming
tables - roulette, blackjack and poker - and some 700 slot machines. It
employs 1,135 staffers, including dealers, shift managers, cashiers,
supervisors, security guards, maintenance workers, kitchen staff and
waiters. In 2003, the casino attracted 900,000 customers; some 440,000
visited in the first half of this year. On average, some 2,470 people
visit the Loutraki Casino each day. The Greeks account for 93 percent of
the clientele.
These gamblers spend some 2.3 million euros on an average day at
Loutraki, which works out to an average of 900 euros per person per day.
The casino makes an average profit of between 180-200 euros from each
gambler in one evening. In other words, the Loutraki Casino earns an
average 540,000 euros on a typical evening.
The casino's operating profits in the first half of 2004 reached 29.4
million euros, with net profits totaling 15.3 million euros. The Greek
government also takes a 12.5 euro tariff from each casino visitor. The
casino also practices a differential pricing policy, granting discounts
to frequent visitors or those from whom it believes it can make larger
potential profits.
The casino was set up back in the mid-1990s, when the Greek government
issued a tender to set up three casinos. A group of Israelis, headed by
Freddy Robinson and Yigal Zilka, spotted the opportunity and won the
tender for the Loutraki Casino. The consortium drew in the Loutraki
municipality, in a deal that sees the municipality take an
ever-increasing share in the venture, up to a 50 percent stake in the
38th year of the contract. On the 50th year, the Loutraki City Hall
becomes its outright owner.
As for the prospectus, it clearly worked its charm. Shahar
Hamillenium raised NIS 73 million this week from Israeli
institutionals.
Athens,
November 18, 2004
 The
Consolidated turnover of Hyatt Regency Hotels and Tourism (Hellas) SA
Group for the nine months of 2004 (1.1.2004 - 30.9.2004) increased by
33,4% amounting to 220,3 Million Euro, compared to 165,2 Million Euro
for the equivalent period of 2003. The net consolidated pretax profits
of the Group for this period, before subtracting minority rights, amount
to 68,5 Million Euro and after subtracting minority rights in the amount
of 15,7 Million Euro, the consolidated pretax profits amount to 52,8
Million Euro; an increase of 10,6% over the same period last year. The
EBITDA for the nine months of 2004 amounts to 81,2 Million Euro
increased by 28,4% in comparison with the respective period of 2003 and
the EBITDA margin amounts to 36,9%.
The
turnover of Hyatt Regency Hotels and Tourism (Hellas) SA for the nine
months of 2004 increased by 1,01% and amounts to 132,4 Million Euro,
compared to 131,07 Million Euro in 2003. The EBITDA for the nine months
of 2004 amounts to 54,15 Million Euro, an increase of 1,13 % in
comparison with the respective period of 2003, while EBITDA margin
amount is 40,9%. The net pretax profits of the company for the nine
months of 2004 amount to 44,2 Million Euro compared to 45,3 Million Euro
in 2003. For the nine months of 2004, table games increased by 0,8% and
slot machines presented a decrease of 4,4%, whilst the revenue amounted
to 55,5 Million Euro and 60,87 Million Euro respectively.
The
consolidated results of the Group include the company styled "Hellenic
Casino Mont Parnes SA" (full consolidation), the turnover of which
amounts to 95 Million Euro for the nine months of 2004 (1.1.2004 -
30.9.2004). Table games had a 44,6 Million Euro turnover (65,9% increase
over the same period of last year), whilst slot machines had a 49
Million Euro turnover (a 44,7% increase over last year). Respectively,
visitation to the Regency Casino Mont Parnes for the nine months of 2004
had an increase of 46,5% (497.800) over the same period of 2003. It
should be noted that the visitation for the whole year of 2003 stood at
470.000 persons.
Ιn the
consolidated results of the nine months of 2004, the company "Hellenic
Hotels Lampsa SA" is also included. Lampsa's results were consolidated
for the first time in 31.12.2003 (Equity Method).
At
present, Hyatt Regency Hotels and Tourism (Hellas) SA controls 20,1% of
Lampsa's share capital. Lampsa's turnover for the nine months of 2004
amounts to 23,05 Million Euro, EBITDA is 6,6 Million Euro and earnings
before taxes are 2,5 Million Euro; for the equivalent period of 2003,
the turnover amounted to 8,8 Million Euro and losses before taxes were
3,07 Million Euro. The year 2004 is expected to be the first profitable
financial year for the company, following a long track record of
losses. As a result of the above, the Group's consolidated balance
sheet will be increased by 0,5 Million Euro as earnings from
participation in affiliated companies.
Finally, the Board of Directors of Hyatt Regency Hotels and Tourism
(Hellas) SA has decided to distribute, within December 2004, an interim
dividend of 0,22 Euro per share for the year 2003, which represents
18,48 Million Euro. Shareholders will be notified through the media for
the exact date and method of the interim dividend payment.
The
Board of Directors
Brussels,
November 9, 2004
EU says betting firms can
use sport listings
 BRUSSELS (Reuters) - Two bodies have lost their bid to stop betting
firms, including William Hill, from using their sports schedules after a
top European court ruled that such use does not violate EU database
rules.
The
British Horseracing Board, which gives details of race meets, and
Fixtures Marketing, a company used by the Scottish and English football
leagues to issue licenses abroad for the use of match listings, had
sought to stop betting firms using their data.
The
British Horseracing Board took a case against bookmaker William Hill
WMH.L
, the country's second biggest betting shop chain, over its use of horse
racing data.
The
European Court of Justice said on Tuesday that William Hill only used
small parts of the British Horseracing Board's data and the collection
of fixtures had not cost the Board a lot of money.
Fixtures Marketing filed a similar case against Oy Veikkaus, Svenska
Spel and Organismos Prognostikon Agonon Pododfairou
OPAU.L
which organise pools betting in Finland, Sweden and Greece,
respectively.
Even
though the three companies had not paid Fixtures Marketing for a license
to use the football match listings, the Luxembourg-based court raised
doubts over whether a football fixture list could be defined as a
database.
It
said professional leagues did not have to make a major investment to
compile the information.
"Neither the obtaining, verification nor presentation of the contents of
a football fixture list or a schedule of horse races constitute
substantial investment giving rise to protection against the use of the
data by third parties," the European Union court said in a statement.
Cyprus,
November 5, 2004
Home Gambling Network Grants Playtech
Master License for Use of Live Gaming Technology
NICOSIA, Cyprus, November 4 /PRNewswire/ -- Leading software developer
Playtech announced today the signing of a master license agreement with
Home Gambling Network, a wholly owned subsidiary of i2corp.com (ITOO),
for use of HGN's patented live gaming technology. Under the terms of the
deal, Playtech will sub-license live gaming services to its software
licensees.
Playtech is currently the only major gaming solutions provider to offer
operators a choice of both RNG-based games and live video stream games,
where customers play opposite real dealers, in a single software
application. Based on the company's acclaimed online casino platform,
live gaming utilizes advanced video streaming technology to personally
connect dealer and player, replicating online the human warmth and
sociability of the land-based experience. Players can watch the dealer
performs actions such as spinning the Roulette wheel, dealing cards and
throwing dice and can engage the dealer in 1-on-1 live chat - all in
real time.
HGN was
formed for the purpose of marketing and licensing U.S. Patent 5,800,268,
a business method for wagering on live games and events utilizing
electronic financial transactions. Its patent has been applied for in
Australia, Canada, and the European Patent Office. The European patent
was published in November of 1999.
By awarding a master license to Playtech, HGN, whose licensees include
Drho888.com and CompuRace Inc., have seen the total number of operators
using their technology multiply considerably. Currently eighteen of
Playtech's licensees feature live games on their sites, and more are
being added each month.
Europe -
Greece,
October 15, 2004
EU sues
Greece over computer game ban
BRUSSELS - The European Commission took Greece to the EU's highest court
on Thursday over a law that bans computer games, even in people's homes.
The
European Union executive said the ban on the use and installation of
electronic and computer games violates the bloc's rules on the free
movement of goods and services between its 25 member states.
"The
way the law is drafted means that it is theoretically illegal to play
with your GameBoy at home or even to play snakes on your mobile phone,"
spokesman Jonathan Todd told reporters.
Greece's blanket ban on everything from slot machines to GameBoys came
about when Athens passed legislation in 2002 to prevent illegal
gambling. But it also put games found on mobile phones and home
computers on its blacklist.
The
Commission argues the law is disproportionate because it not only
applies to things like slot machines, which may give rise to social
concern, but also to games that threaten neither public order nor
consumers.
Greece promised to amend the legislation after the Commission warned in
April that the country may face a suit at the European Court of Justice,
but has so far failed to do so.
"We
are referring Greece to the court because we believe the effect of this
law is to hinder the free movement of goods and at the same time to
hinder the free provision of services in the form of repairs to these
types of devices and games," Todd said.
See below for the
translation in English of Greek Gaming Law that not allow all games in
Greece.
Skopje,
October 10, 2004
New casino opening at
Greek south border
New casino/hotel are
opening soon, with a distance of 2 km from town Gevgeli at Skopje (fromer
Macedonia Republic) and 70 km from the center of Greek town
Thessalonica. The total investment costs only
10% at
the same project of Hyatt Regency casino/hotel of Thessalonica. Probably
the new casino/hotel are looking for clients from the surround area of
Thessalonica, with less operating and taxing and all this will making
this casino major opponent of the Hyatt in the area.
 Few
data from this complex are: 60 luxury rooms (18 apartments and 6 vip
rooms) in a total area of 20,000 sq/m. Casino will have 24 gaming tables
(14 am. roulettes and 10 blackjacks) and 300 slot machines (see the
photo beside). This new enterprise are founded by Astra Club group which
are operate successfully similar business in the territories of East
European Countries and Balkan countries.
There
are already hire employees from Greece with experience from gaming
industry of Greece.
Athens -
Mont Parnes, September 31, 2004
Betting
on success (Athens Hyatt Regency)
Hyatt Regency ups the ante with its ongoing renovation
and relaunching of the Athens Mont Parnes Casino
By
virtue of its location alone, the resort has amazing revenue potential.
Greeks spend an estimated 1.7 billion euros each year at casinos and
Mont Parnes is the only gaming facility in the greater Athens area.
Although
Loutraki currently hosts the country’s top earning casino, with a
gross income of 165.8 million euros in 2002, the seaside town lies 80km
from Athens. The Mont Parnes site, on the other hand, is situated just
35 km northwest of the capital and is thus likely to rival Loutraki in
attracting gamblers. Moreover, the
government remains adamantly opposed to issuing any further casino
licences, securing Mont Parnes’ title as the sole gambling venue in the
vicinity.
High
rollers and bulldozers
Hyatt Regency Hotels has already spent 130 million euros obtaining
its 49% stake in Mont Parnes. It holds 70% of the shares, while Greece’s
biggest construction firm,
Elliniki Technodomiki , owns the remaining 30%. The company also
doled out a further 5 million euros for temporary, operational and
aesthetic improvements that have boosted the casino’s capacity and
allowed the venue to remain functional during its full-scale
reconstruction. This investment has yielded an interim expansion of the
casino’s gaming operation from 42 to 61 table games and from 360 to 500
slot machines.
When
asked why the reconstruction is taking place in two phases, Evi Lazou,
Vice-President of Marketing at Hyatt Regency Hotels & Tourism (Hellas)
SA, told GreeceNow: “Due to the heavy damage caused to certain areas of
the building by an earthquake, a basic refurbishment of the existing
facility was not possible. This is the reason why a full reconstruction
of the property was decided.” Although the said
disastrous tremor of September 1999 destroyed some of the building’s
vital foundations, shutting down completely during the Olympic high
season was simply not an option.
As
reported in the
Coin Slot , the gambling industry’s leading weekly publication, one
of the Greek government’s conditions for partial privatisation was that
the casino would remain up and running. “Part of our commitment to the
government,” states the company’s managing director, “was that we would
keep the existing operation open and the reconstruction would take place
around the casino.”
The
full overhaul of the property is scheduled to take place over the next
three to four years with total investment expected to exceed 250 million
euros. Once complete, the new venue will feature a modern American-style
casino with 110 table games and 1,500 slot machines, offering roulette,
blackjack, punto banco and poker. Other amenities are to include a
separate salon privé, a five-star hotel with ninety-one rooms, a fitness
centre and spa, indoor and outdoor swimming pools, retail shops, a
multifunction showroom/ conference centre, restaurants and bars. A
state-of-the-art cable car (due for completion in the winter of 2004)
will transport eager gamblers from Mt. Parnitha’s base to the casino at
the astonishing rate of 2,000 customers per hour.
In
the meantime, to ensure that bad weather - like the recent heavy (for
Greek standards) snowfall - does not deter those itching to test their
luck, the casino widely advertises the fact that is has its own
snow-removal apparatus to clear the dangerous roads zig-zaging up to the
mountain's summit.
Money doesn’t grow on trees
The
casino does have its detractors, namely a handful of environmental
groups who fear that that the refurbishment project will jeopardise the
eco-system of the surrounding
Parnitha National Park , declared an environmentally protected area
in 1961. Covering 3,800 hectares, the mountainous region is draped in
expansive fir and pine forests, as well as the characteristic foliages
of the Mediterranean, such as holm-oak, arbutus, pomegranate and Judas
trees. The park is also home to deer, foxes, hares, badgers, polecats,
weasels, jackals, squirrels and a pair of golden eagles.
Any
damage to Parnitha’s natural treasures would be a pity indeed, but the
complaints of preservationists have largely been quelled by Hyatt
Regency’s environmentally conscious approach to developing the property.
Although members of the coordinating Committee for the Preservation of
Parnitha alleged that plans for the casino included expansion across 310
hectares of the protected woodland, Hellenic Tourist Real Estates SA
(ETA), a subsidiary of
Greek National Tourism Organization , quickly dispelled such
accusations.
In
fact, Hyatt is building the new structure on the exact footprint of the
existing site. Teaming up with an architectural firm specialising in
mountain resorts, the Hyatt group maintains that it will be possible “to
achieve a non-intrusive construction”, i.e. in keeping with the
surrounding environment. “The protection of the environment and the
respect of the local community are cornerstones of our company,” a Hyatt
representative informed GreeceNow. “This is obvious in the three
properties our company has already developed and/ or renovated in Greece
– the Regency Casino Thessaloniki,
Hyatt Regency Thessaloniki and
Hotel Grande Bretagne .”
To
prove its intentions, the Hyatt group has donated 300,000 euros to the
Mont Parnes Forestry Department in 2003 for conservation related works.
More
than luck
Hyatt’s Mont Parnes venture is obviously taking cues from the eminently
successful Regency Hotel and Casino that opened near
Thessaloniki’s airport in 1999. Open twenty-four hours a day, seven
days a week, the Thessaloniki casino boasts a membership figure of
500,000 from an area of just over one million inhabitants. The
commercial strategy of the Thessaloniki and the Mont Parnes
establishments will be similar: offer a large-capacity casino with the
majority of games directed at mid-rage betters, while also providing
ultra-luxurious facilities for those elite gamblers willing to wager big
bucks. So far, it seems to be a winning formula. If Hyatt’s Mont Parnes
project manages to match the success of its Thessaloniki counterpart,
the company will have truly hit the jackpot.
Greece,
September 15, 2004
The Greek law that banning
of games
Below
is an English translation of the law nr. 3037 of year 2002:
LAW NR 3037/2002
Banning of games
The President of Democracy
We present the following law which was voted by the Parliament
Article
1
Game categories
According to notion of the commands of the current law:
a. Mechanical games are those, for whose operation it is necessary to
use muscle force.
b. Electrical games are those, for whose operation it is necessary to be
dependent on electrical mechanisms.
c. Electromechanical games are those, for whose operation it is
necessary to be dependent on electrical
mechanisms AND use muscle force.
d. Electronical games are those, for whose operation it is necessary to
be dependent on electrical
mechanisms that also have some calculating (accounting) program.
e. Entertainment "technical" games are those, whose result depends
exclusively on the ability and skill of the
player, and its use is solely for entertainment.
The Entertainment "technical" category also includes all card games
which had been characterised as
"technical" games, according to the statement of law F.E.K A21.
Article
2
Banning of use or installation of games
1. It is prohibited the operation of games of type "b", " c" and "d" of
Article 1 (including in personal computers)
placed in public places such as hotels, cafeterias, organization halls
and inside any other public or PRIVATE
place.
2. The Mechanical games, are only permitted to be Entertainment
"technical", as defined in the previous Article.
Regarding those games, it is prohibited to make any bets between any
persons or to include any financial gain
for any of the players involved. Such bets will attract penalties
described in Articles 4 and 5.
Article
3
Internet organizations
The prohibition of using computers described in Article 2 does not
affect internet companies, as long as none
of the games (described in Article 2) are being operated.
To be able to run an Internet company, a special permit is required from
the municipal or the state (where the
company belongs) and from its starting point (port) if it is a boat
based company. According to the first
application of this measure, the company should be equipped with this
permit before the end of three months
after the start of this law.
Article
4
Criminal sanctions
1. Any persons who manage or depend on centres or other places as
described in paragraph 1 of Article 2
where games prohibited by the previous Articles are in use or even
exist, will be penalised with at least
three months of jail plus a fine of at least 5,000 Euros. If this
offense is repeated, the penalty will be at least
one year of jail plus a fine between 25,000 and 75,000 Euros. The court
will also command the confiscation
of all those games.
2. The orders for the games of type "c", in paragraph 1, paragraph 3 and
4 of Article 7 of the coded command
29/1971 are followed accordingly.
Article
5
Administrative sanctions
1. Apart from the criminal sanctions, if it is found that a prohibited
game, according to the commands of the previous
articles, there will be a fine of 10,000 Euros for every such game and
permanent taking away of the business
license, according to the orders of Article 7.
2. The fine will be based on the decision of the corresponding
authority, in paragraph 1 of Article 6, who had
found the violation. In this decision the violation will be described,
the fine will be underlined, as well as the
order in use. Together with this decision, a copy of the violation
report will be notified towards the violator.
Article
6
Report of confirmation of violations
1. The police authorities are responsible to enforce this law. The port
authorities are responsible for boats
traveling domestically, and for any other boats staying at the
corresponding port.
2. If the authorities for the "body for fighting financial crime" find
violations of the law for the games, they
will impose the sanctions and will proceed to actions described in the
previous article.
Article 7
Authorization
1. The
terms, conditions, procedures and permits for Internet companies are
determined by the common decision
of the Ministry of Finance, Ministry of Internal Affairs, Ministry of
Public Administration, Ministry of Public Order
and Ministry of Trading.
2. A similar decision establishes the authority which enforces the
taking away of business licenses, the
procedure of taking it away as well as any other necessary details for
applying the orders of this law.
Article
8
Tax returns
Whoever has already paid " tax for running businesses with entertainment
technical games" for 2002 for
electronical, electrical or electromechanical games, will have their tax
returned corresponding to the time
of the publication of the law in the Government's Paper until the end of
the year. No returns will be made
in the case of violation of the law for games and there is no awaiting
court case in front of the Committee
in paragraph 4 of article 15 of law 2753/1999 (FEK 249 A').
Article
9
Maintained and transitive orders
1. With the orders of this law, there are no complications with the
orders of the law 2206/1994 (FEK 62 A')
as well as the rest of the orders regarding casinos.
2. From the start of the enforcement of this law, the three-member game
committees which are established by
the orders in paragraph 4 of article 15 of law 2753/1999, cease to
exist. They will still exist though, until the
finish of check up of the game machines that had been binded by the
auditor authorities and for which there
had been a reserve.
Articles 10, 11, and 12 describe the changes in the laws
only for card games and are not relative with the
game machine orders.
Greece,
August
31, 2004
Historical casino gaming information of Greece
In 1993
the Greek government announced a tender for nine casino facilities (six
new casinos and the three existing casinos) to improve employment
opportunities for its citizens and to enhance the tourist industry.The
six new casinos were to be in Athens, Thessaloniki, Crete, Mykonos,
Patras, and Porto Carras, Halkidiki.The tender required luxury hotel /
casino resort complexes be built on the sites in Thessaloniki, Halkidiki,
Mont Parnes and Crete to meet rising tourist demand.After the 1993
tender announcement the Greek government finally approved casino
legislation on April 20, 1994.Initial winning bids were announced in
1994.The winning bids were for casinos in Athens, Loutraki, Patras,
Porto Carras, and Thessaloniki.However, some of the corporate winners
chose not to proceed with their opportunity for licensing, others bid
winners have been involved in controversy as to parts of their proposed
project.
In 1996
a new Greek government administration amended the 1994 legislation to
include fourteen licenses to be awarded to private companies for casino
operations with two in metro Athens and one each in Corfu, Rhodes,
Thessaloniki, Halkidiki.Loutraki, Achia, Syrous, Flrina, Diorani,
Thrace, and lannnina.From 1995 through mid 1997 new casinos have opened
in Loutraki, Patras, Porto Carras, Thessaloniki, and Xanthi.
Greece's three original casinos continue operating in their current
status by the State-owned Greek National Tourist Organization (EOT)
until new licenses are announced.Only the new license for Rhodes has
been announced.The Rhodes casino will relocate from the Grand Astir
Palace to the Rhodes Hotel Castle in late 1997 or early 1998.
Previously slot machines were not allowed in Greek casinos, but are
allowed with the new licenses.The Ministry of Tourism awards licenses
and regulates casino gaming.The state receives taxes ranging from 22% to
33% of the profits from casino gaming.
Cyprus,
August
31, 2004
UK Law
Firm Works To Create Legislative Framework For Internet Gambling In
Cyprus
UK-based licensing law specialist firm, Poppleston Allen has revealed
that over the past six months, it has been helping the Cypriot
government create a new legislative framework for internet gambling in
the jurisdiction.
Following research which suggested that the Cypriot authorities were
losing around £30 million in revenue per year as a result of untaxed
illegal gambling activity, the decision was taken to create a new legal
framework, a process which Poppleston Allen announced last week is
nearly complete.
Speaking to the regional media in Nottingham, where the firm is based,
Poppleston Allen partner, Paddy Whur explained that:
"With these two pieces of legislation in place, Cyprus will benefit
early from the lifting of government monopolies and other liberalising
moves within gambling across the EU. They will also be able to take
advantage of the expected developments in online gaming technology and
its growth as a leisure pursuit."
He
went on to add that:
"By
evaluating the existing legal framework in comparable jurisdictions,
especially in EU member states, a modern law has been created to offer
protection to gamblers, children and vulnerable people and to keep
online gaming crime free."
The
draft framework will be considered by the government's betting steering
committee within the next two months.
Athens,
August
30, 2004
INTRALOT S.A. announces its financial results for the first six months
of 2004
INTRALOT S.A. (RIC: INLr.AT, Bloomberg: INLOT GA), yesterday announced
its financial results for the six-month period ending June 30th, 2004,
prepared in accordance with Greek GAAP.
|
|
|
|
|
|
|
|
|
149.8
|
173.0 |
-13.4% |
|
|
79.2 |
67.3 |
+17.7% |
|
|
52.9% |
38.9% |
+14.0pps |
|
|
67.9 |
62.5 |
+8.7% |
|
|
45.3% |
36.1% |
+9.2pps |
|
|
60.5 |
55.3 |
+9.5% |
|
|
40.4% |
32.0% |
+8.5pps |
Consolidated Revenues for the period reached €149.8m, posting a
13.4% decrease compared to 1H03, due to the non incorporations of the
sales of Instant Lottery.
EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) increased by 8.7% to €67.9m, compared to the same period
last year.
EBITDA margin reached 45.3% (last year 36.1%) reflecting a more
favourable sales mix coupled with international operations’ contribution
and increased operational efficiency.
Profits Before Taxes (EBT) recorded an increase of 9.5% y-o-y by
reaching €60.5m compared to €55.3m in 1H03.
The
cash balance reached €102.9m in 1H04, while total bank debt reached
€22.1m in 1H04 shaping the net cash position at €80.8m
According to International Accounting Standards, revenues for the
perioded ended June 30, 2004 stood at €150.2m, while profits before
taxes (EBT) for the period reached €61.5m.
Commenting on 1H04 results INTRALOT’s CEO, Mr. Constantinos
Antonopoulos, noted: “In the first half of 2004 INTRALOT continued its
highly successful expansionary strategy abroad. The company has recently
launched operations in Nebraska, Malta and Chile (regarding fixed-odds
betting), which are all expected to contribute to the company’s growth
in the next quarters. In addition, other signed projects that are under
implementation will also contribute to the company’s growth.
In the last quarter, the company has signed a significant agreement with
the Colombian State Organization (ETESA) for the exclusive license
regarding the operation of all sports betting games in the country. With
a significant presence in Chile, Peru and soon in Colombia, INTRALOT has
secured a strong position in the highly promising South American market,
while plans include the expansion to other Latin American countries in
the future. Finally, INTRALOT is continuing to pursue business
opportunities related to the operation and/or management of lotteries
around the globe, a factor that is expected to strengthen further the
company’s global position.”
INTRALOT is a leading supplier of integrated gaming and transaction
processing systems, innovative game designs and value added services to
state-licensed gaming organizations and financial services providers
worldwide. With 27 subsidiaries and 1,300 people in 26 countries and
revenues of € 320 million, the company dominates in Europe, has secured
a strong position in South America and has established a foothold in
North America, while expanding its presence in S.E. Asia and Australia.
Following a highly successful period of rapid growth. INTRALOT currently
ranks 3rd on revenues and 2nd on profits among lottery suppliers
worldwide.
Athens,
August
30, 2004
Tourists go for broke at the Regency Casino
After a 4,600 - foot climb, you're stuck with oddly
played games in a hazy place. But at least the cab ride up the mountain
had its fill of gambling thrills.
By JEROME SOLOMON
Copyright 2004 Houston Chronicle
ATHENS, Greece — Chronicle expense report.
The
idea was to write a fun travel piece about a trip to a Greek casino.
Like
James Bond, I would waltz in and take down the house.
(Thank goodness the time difference didn't allow me to discuss the
"gambling with company money" aspect of the idea with the higher-ups.)
Regency Casino, located atop Mount Parnitha, the tallest of the three
mountains surrounding Athens, was the destination.
I
should have backed off the idea when three locals told me I should try a
swank island casino, a short flight from here. But with this little
thing called the Olympics going on, there's scant time for such
excursions. (At least for a hard-working journalist.)
So,
Mont Parnes, as the locals call it, was the best option. Or so I
thought.
Searching for luck
I
figured it would be a winning night after I hopped into a cab driven by
Zachariah Bekris, who was born in New Zealand to Greek parents.
Then
I learned Bekris was a huge fan of Michael Schumacher, the Formula 1
race car driver.
The
road to the top of Mount Parnitha is a narrow, winding path with two
white lines painted down the middle for decorations.
At
one point, a gambling fox crossed in front of us and amazingly Bekris
missed him. He then mentioned there were bears on the mountain.
Bekris navigated the turns with precision, passing a half dozen
slow-moving vehicles along the way. Deer crossing and 30 km/hr
speed-limit signs be damned, as most of the time the speedometer hovered
at 80. And remember, this is uphill.
"That sign's for bicycles," said Bekris, roaring with laughter. "You
feel sick?"
"Nope, I feel lucky," was my response.
I
needed luck, traveling at a high speed up the side of a mountain with a
guy whose last name means drunkard in Greek.
"I
think maybe a great-great grandfather way back when was a drunkie, and
the name stuck," Bekris said while drinking what I hoped was a coke.
All in
a day's work
Who
cares? I had a pocket full of company-sponsored euros, Chronicles I call
them, and was about to extract as many drachmas as I could from this
mountain.
Like
most Greeks, I'm not a fan of the euro.
Wouldn't it be cool to say, "I raise you 10,000 drachmas?" (That was
about $30 four years ago.)
Bekris managed to make it from bottom to top of the 4,600-foot mountain
in 12 minutes, including a three-minute stop to admire the stunning view
of Athens. (Actually, the stop took just two minutes, but we needed
three stops to find a spot not occupied by parked lovers, as apparently
the road functions as a prime make-out location.)
The
cab ride hit me for an even 30 Chronicles, and Bekris earned an extra
five for providing entertaining passage.
After passing through the metal detector, I had to fill out a
registration for entrance into the "kazino," as it was written on the
wall.
The
form was like a passport application, even asking for my father's name,
my occupation and marital status: Ollie Solomon, journalist, desperate.
Odds
looking hazy
The
main casino floor is small. More like the mini-casinos/poker rooms in
Los Angeles than the sprawling excesses in Las Vegas.
No
problem. I could almost see the money in the air.
Come
to find out, that wasn't money. That was the thick layer of smoke in the
room. An Eurostat report estimates that 45 percent of Greeks smoke.
Obviously none of the smoke-free Greeks gamble. I felt like a lab rat in
a firsthand smoking experiment.
As
is the case in Las Vegas and Atlantic City, slot machines — gambling
apparatuses for people who believe in the tooth fairy — are closest to
the door.
Not
interested.
But
since the first machine I saw was named "Texas Tea," I thought it could
be a sign.
Thirty seconds and 5 Chronicles later, I thought, "What an idiot."
I
caught the eye of a beautiful bartender just past the slots (or vice
versa). Never drink at a casino; it affects your judgement and costs you
money. But when in Greece with Chronicle money ... beer please. Oh, it's
free? Cool.
I
surveyed the scene. Sixty tables (the Mirage in Vegas has 129) with the
majority of them being American roulette. The rest were blackjack from
what I could see.
Gambling snob that I am, I invest only in double-deck blackjack or poker
— Hold 'em or Omaha.
The
blackjack tables at the Regency are five decks with continuous shuffling
action. After each hand, the dealer puts the cards that were in play
back into the Shuffle Master.
This
hurts card-counting systems, particularly my simple, but effective one.
No
Chronicles would be going down this drain.
Oh,
another oddity at the blackjack table. The dealer takes just one card,
face-up, and only after all the players play their hands out does she
deal herself a second card. It doesn't matter mathematically, but it's
annoying.
Poker?
What poker?
I asked
an employee to show me the poker room. That's where I'll find my money.
He
pointed to a couple of tables on the other side of the room.
I
didn't find poker there. I found a table that had "poker" printed on the
felt. But the game isn't poker, it's bingo. Or five-card war.
They
call it casino-stud poker.
After a minimum 10-euro ante, seven victims were dealt five cards each.
The dealer took a hand and turned her last card face up. Each likely
loser then looked at his hand to see what was available going against
whatever hand the dealer had hidden underneath.
The
dealer couldn't have sucked money from these guys any faster if she had
Minivac surgically attached to one hand.
Now
I'm stuck in a smoky casino with shaky blackjack rules and no poker
room.
After about 45 minutes of lung-cancer testing, laughing at the wacky
poker tables and chatting with the bartender, I figured a trip to the
blackjack table could do little harm.
Show
them the money
That's
when I discovered the most irritating aspect of Greek blackjack. Other
people may bet on your hand — other people at the table and people
blowing smoke in your ear from behind your back.
You
play the hand, and they make or lose whatever they bet with you.
My
slow build of a 150-Chronicle buy-in to $125 euro profit (for accounting
purposes losses are calculated in Chronicles, profits in euros) took
about 20 minutes.
Some
bandwagoner behind me made at least 500 euros betting 50-75 a pop off my
play.
Clearly I wasn't putting enough Chronicles at risk. It was time to up
the stakes.
Two
minutes and three 50-euro winners later, I was like the goat-footed god
Pan, who ancient Greeks believed used to come to Parnitha to dance in
the forest.
After getting up 275 euros (around $330) I played just four more hands
of that silly game.
Cable car down the mountain, taxi back to Athens, and a hotdog and beer
at the 24-hour Everest across the street from my hotel made the total
tab on my 30-minute gambling outing five Chronicles.
The
view from the mountain wasn't worth it.
Tel-Aviv
Athens,
August
8, 2004
Miloumor to spin off casino
holdings
By ZEV STUB
Miloumor has decided to reorganize its holdings, separating its
operations in tourism and casinos from its real estate projects.
The TASE-traded company, which is controlled by Freddy Robinson, said
the strategic decision will allow it to develop its tourism and casino
businesses by separating non-synergetic fields.
The reorganization should also increase Miloumor's market value,
bringing it among the 100 most valuable companies in Israel in the
not-so-distant future, it said. The company currently trades at a market
capitalization of NIS 250 million.
Miloumor said it plans to complete the reorganization as quickly as
possible, "regardless of the situation on the capital market."
To execute the change, Miloumor will sell its tourism and casino
business to Shahar Hamillenium, a shell company set up by Miloumor, at a
company value of NIS 230m., in exchange for a $12m. debt from Shahar and
90% of its shares.
At the same time, Shahar Hamillenium will look to raise NIS 60m. by
offering stocks and bonds. The company plans to publish a prospectus to
sell 5% of its shares on the Tel Aviv Stock Exchange, in an offering led
by First International Bank of Israel, to meet the minimum level of
dilution required by the TASE, Miloumor said.
Miloumor's main holding is an 18.6% stake in the Loutraki casino in
Greece, as well as others in Eastern Europe. Loutraki reportedly has
annual profits of $50m.-100m. Last week, rumors circulated that Miloumor
was going to sell shares of the Greek Casino on the TASE by itself.
Tel-Aviv
Athens,
August
7, 2004
Casino Loutraki may issue shares in Tel-Aviv
By Rotem Starkman
The
controlling shareholders of Casino Loutraki are working on issuing
shares in the gambling establishment on the Tel Aviv Stock Exchange.
Investment company Miloumor, which holds 25 percent of the casino
through various subsidiaries, is already drafting a prospectus, but the
preparations are still in the early stages. Loutraki is located on the
coast of Greece, an hour and half's drive from Athens where the Olympic
games are scheduled to start next Friday.
Miloumor confirmed the company is considering issuing the casino, but
refused to comment on details.
The Loutraki casino is one of the most successful in Europe, an
extremely profitable company that yields net annual profits of NIS 200
million. Its value for the IPO could exceed NIS 2 billion.
Not
just profitability supports a high valuation - in the past four years
two major deals have given an indication of the value attributed to the
casino. In 1999, Piraeus Bank bought 20 percent of the casino according
to a value of $800 million, and a year ago Casinos Austria invested 120
million euros in debt and shares according to a value of 570 million
euros (NIS 3.1 billion).
For
the first quarter of this year, Casino Loutraki posted NIS 203 million
in revenues and NIS 52 million in net profits. The business improvement
stemmed from increased marketing efforts, which led to more, higher
quality visitors to the casino.
Casinos Austria is owned by Martin Schlaff, a close friend of Prime
Minister Ariel Sharon. In addition, a prospectus was submitted in 2001
to take the casino public at a value of $800 million. That offering was
nixed when the Athens Stock Exchange hit a trough.
The
Israeli partners in Casino Loutraki are Yigal Zilka through
publicly-traded Queenco, and Freddy Robinson through Miloumor, as well
as the Club Hotel group owned by Nissan Khakshouri and Moshe Boblil.
Another partner in the casino is accountant Yair Karni, who owns 6
percent. Karni is also one of the partners in Ginko Oil Exploration,
currently conducting a pre-IPO road show. The Loutraki municipality also
has a 14 percent stake in the casino.
Miloumor and Queenco also have a stake in a Rhodes casino, but it is
much smaller and less profitable. Robinson and Zilka have privately held
stakes in five more casinos, in Hungary, Romania and Africa, all of
which together amount to the scope of the Loutraki operation.
Robinson and Zilka also have other privately held joint business
interests with Khakshouri and Boblil. The four have a joint holding
company called Kolal that bought a bankrupt Romanian commercial bank two
years ago for $22.5 million.
Since changing the bank's name to Eurom Bank, it has expanded to 30
branches and a group of non-financial holdings.
Kolal now has an insurance company, a leasing company, quarries, a seed
company and a large television and radio station. The partners have so
far put $40 million in Kolal. International financial consultants Ernst
& Young have valued the bank and quarries alone - the two largest
businesses - at $200 million.
Czech,
August 1, 2004
Prague casino grenade wounds 18
PRAGUE, Czech Republic (CNN) -- Czech authorities are
blaming criminal elements for a grenade attack near a casino in Prague.
Police say a man threw the grenade at the casino in the city's historic
center on Sunday wounding 18 people, including at least one child.
The hand grenade went off at about 12:30 p.m. (10:30 GMT) after rolling
beneath a car outside the Casino Royal, police sources said.
The car, a white Jeep Cherokee with U.S. plates, absorbed much of the
blast.
Witnesses reported seeing a Mercedes speed away from the area after the
explosion.
Prime Minister-designate Stanislav Gross called the attack "a case of
gangs settling accounts."
Police said the attack may have involved racketeering.
The Casino Royal, about 50 meters (yards) from Wenceslas Square, is in a
popular tourist area. Some people were seated outside at the time of the
blast.
The injured included tourists from Britain, the United States, Germany
and Slovakia, The Associated Press quoted Czech officials as saying. The
British Foreign Office in London said at least two Britons were among
the injured.
The casino's original owner, an Israeli, was killed two years ago. His
son now operates the casino and a few others.
Ten ambulances came to the scene following the blast, and ordnance teams
were investigating the incident. Police sealed off the area.
Cyprus,
August 1, 2004
Israel's EU island neighbor
By
Yossi Melman
NICOSIA, Cyprus - At his office in the Cyprus Policy Headquarters in
Nicosia, Sotiris Charalambous crossed his arms with satisfaction. Having
gone through a number of sleepless nights of leading operations against
criminal elements on the island, he was pleased with the results.
In
one swoop his officers a week ago managed to intercept a Syrian ship
that tried to land 18 illegal immigrants on the beach, among them one
Palestinian.
Charalambous is the third ranking officer in the Cyprus police force and
is chief of operations. His responsibilities includes combating drug
smuggling, anti-terror operations and illegal immigration, which has
recently become a major headache. Cyprus was one of the smaller
countries that joined the European Union in May on its enlargement - and
it now is the eastern border of the EU.
Thus
there have been concerns that illegal immigrants from Asia would use
Cyprus as a springboard to move on to mainland Europe. This has resulted
in intense efforts to keep a closer watch on Cypriot beaches and the sea
lanes surrounding the island. With limited resources and a small defense
budget, the Cypriot police turned to Israel and signed a number of deals
for security related hardware.
In
an interview with Haaretz last week, Charalambous said one of the
vessels involved in the operation against the smuggling ship was built
in Israel. The "Kingfisher" class vessel, which cost $4 million, was
built by Israel Shipyards for the Cypriot coastguard - a branch of the
police - four years ago.
"Our
relations with Israel are very good," Charalambous notes. "We are
involved in safeguarding the [Israeli] ambassador, the embassy building
and El Al, and we cooperate with Israeli security in these matters."
When
asked if there are still ill-feelings as a result of an incident in late
1998, when two Mossad agents were arrested in Cyprus in possession of
maps and a radio scanner, and were sentenced to three years
imprisonment, he said: "That was a long time ago. The matter has been
forgotten, and we received explanations from the Israelis, that they
were not acting against Cypriot interests but against negative
elements." (The agents were pardoned by then president Glafcos Clerides
after serving nine months).
Gamble on it
"We
have almost no problems with Israeli tourists," Charalambous said. In
the past year several hundred Israeli tourists were expelled from Cyprus
for entering on false pretenses. They had tried to enter Cyprus and
cross to the northern part of the island to gamble at the local casinos.
The north has been under Turkish military occupation since 1974 and
Cypriot law at the time allowed bona fide tourists to cross to the
Turkish-held side for a day-trip, but not spend the night there.
Following the entry of Cyprus into the EU, the restriction was lifted
and with it the problem of Israeli gamblers.
The
Cypriots are expecting the number of Israeli tourists - more than 50,000
this past year - to double in the near future. They believe that many
Israelis seeking to gamble will visit the casinos in northern Cyprus,
because it is nearer and less expensive than flying to Greece, Romania
or Bulgaria. In the long run, Charalambous says, he believes the
government of Cyprus will authorize casinos in the south to capitalize
on the thriving business of Israeli gamblers.
Charalambous said he had visited Israel five times in recent years and
on one trip took part in an educational program on "intelligence and
crime-fighting." He said his Israeli hosts had exhibited surveillance
and command-and-control equipment, and Cyprus had bought some of these
systems and deployed them with the security forces.
Given tough Cypriot laws restricting wiretaps and eavesdropping by
police and other law enforcement agencies, it may be assumed the
equipment is used by the Cypriot intelligence service to keep an eye on
the Turkish occupation forces that control nearly 40 percent of the
northern half of the island.
The
sale of security related equipment to Cyprus is a sensitive issue in
Israel. The outgoing ambassador of Israel to Nicosia, Michael Eligal,
and the Defense Ministry here, refused to comment on it. The sensitivity
is understandable given that such sales could anger Turkey, which in
recent years has become one of the three largest markets for Israel's
defense sales abroad.
Total Israeli defense exports to Turkey in recent years been two billion
dollars. The Cypriot market is of course small, and Israel would not put
at risk risk its special relations with Turkey, the largest Muslim
democracy.
The
Defense Ministry has developed a policy that allows sales to Cyprus of
equipment that "does not shoot." Israel will not sell artillery, tanks
or missiles to Cyprus, which in any case is under an international,
albeit ineffective, arms embargo. Small naval patrol vessels and
intelligence gathering equipment, on the other hand, are on the approved
list.
No
drones
In
recent years, Israel offered unmanned drones to Cyprus, but the Cypriot
parliament's Defense and External Relations Committee, whose approval
was required, rejected the deal.
A
deal valued at $12 million was recently signed for the sale of seven
mobile coastal radars to the Cypriot police, all produced by IAI (Israel
Aircraft Industries). In an interview with Haaretz last Monday, the
Cypriot defense minister, Kyriakos Mavronikolas, confirmed the deal, but
IAI refused to comment.
The
minister, an ophthalmologist by training, represents the Socialist party
in the center-left government of President Tassos Papadopoulos. The
party, which received 7 percent of the votes to the parliamentary
elections three years ago, has been known for its support of the
Palestinians and opposition to Israel. Echoes of this attitude were
still evident in the conversation.
Mavronikolas was extremely careful in his choice of words and it was
clear that discussion of security relations with Israel, even on its
current loose basis, is an uncomfortable subject. Mavronikolas said the
radars being bought from Israel are to be used in preventing illegal
immigration.
"We
are a country whose defense budget is very small and therefore
opportunities for joint ventures are very limited. The military alliance
between Israel and Turkey also makes things difficult," he said.
Mavronikolas expressed concern that the Turkish occupation forces, in
possession of Israeli made "killer" unmanned aerial vehicles - as
opposed to those used for intelligence gathering and observation - could
target the Cypriot radars. "Your [Israel's] alliance with Turkey is not
an obstacle but it is a serious burden on furthering relations," he
said.
Still, in spite the concerns, the sensitivity and the limited potential,
the official spokespeople of Cyprus stress they are pleased with the
ties, both on the diplomatic and economic level. Israel enjoys an
overwhelmingly favorable trade balance with Cyprus, with exports
reaching nearly $200 million per year, while imports do not exceed $15
million, excluding investments by Israelis in Cyprus.
"The
relations between the two countries and peoples are deep, and they
originated back during the period of British rule here and there," said
Petros Eftychiou, director of the Europe section at the Foreign Ministry
in Nicosia, and an ambassador to Israel for six years. "The [ties] have
known ups and downs, but the common desire to overcome difficulties has
always been dominant. There is of course always room for improvement,
especially today, when we can serve as a bridge for Israeli exports to
the European Union and to furthering the peace process with the Arab
states with whom we enjoy good ties," the ambassador said.
Cyprus,
July 29, 2004
Editorial - There is no rational reason to oppose casinos
EVER
SINCE independence, different governments, starting from that of
Archbishop Makarios, have been toying with the idea of opening a casino
in Cyprus. Each would build on the previous government’s work, making
the opening of the casino an ongoing project, but the final decision has
not been taken yet.
Over the years, foreign experts made proposals, ministerial committees
studied them and made recommendations and different government
departments worked out practicalities. A bill that would govern the
operation of the casino was finally prepared a decade ago and the then
government announced that it would invite tenders for the two licences
on offer. It never asked for tenders and the bill was left to gather
dust in some departmental filing cabinet.
But it seems that now Minister of Commerce George Lillikas is determined
to get the bill passed and set up at least two casinos. This has become
a pressing need after the opening of the checkpoints and the daily flow
of Greek Cypriots to the casinos in the north. But this is not the only
reason. The government, quite rightly, views the opening of casinos as
an important element of its plans to upgrade the tourist product, in
combination with the construction of more golf courses and marinas. Such
facilities, it is believed, would not only attract tourists with a
bigger disposable income, but also boost arrivals in the slow winter
months.
Lillikas has already spoken to the political parties in order to
persuade them to approve the bill. The only negative response was from
AKEL, which has always opposed the operation of a casino on moral
grounds and because of the supposedly adverse social consequences it
would have. This is a puritanical communist party that wants to protect
citizens from the temptations of gambling; as an official pointed out,
AKEL did not want poor workers squandering their wages on the roulette
table and leaving their families to starve.
This is utter nonsense, considering there are currently plenty of legal,
as well as illegal, ways for a gambler to squander his wages. There is
horse-racing, football betting, casinos in the north, illegal clubs
hosting card games plus every kind of gambling imaginable on the
internet. In short, neither AKEL nor SAKOP (the Association for
Confronting Social Problems), which is also campaigning against the
casino, would be protecting a gambler’s family by opposing the bill. It
is totally hypocritical to oppose casinos but to have no problem with
racing and football bets.
This is a free society which should treat people as responsible
individuals instead of penalising the economy and those who are
responsible, in order to protect those who are not. AKEL and other
self-appointed do-gooders must realise that the age of the nanny-state
is over and that there is no rational reason for opposing the opening of
casinos.
Cyprus,
July 27, 2004
Casinos back on the government agenda
By Katya Diogenous
WITH
so many Greek Cypriots crossing to the north to gamble, talks are now
under way to set up a casino in the government controlled areas.
Yesterday, Commerce Minister George Lillikas met with KS EDEK president
Yiannakis Omirou to discuss the matter.
After the meeting, Lillikas gave statements saying that he would be
speaking to all party leaders to talk about the possibility of starting
up a casino in the south to promote tourism on the island.
He added that he has expressed his concerns to Omirou about creating a
casino. A request has been submitted to the Cabinet to begin a study
into the first phase of building a casino.
“I believe it is imperative to speak to all parties about this serious
matter so they can hear the facts and so I may listen to their opinions
and concerns,” said Lillikas.
He said he understood the social concerns regarding casinos, and added
the Cabinet would take into account the views of political parties on
the issue.
Omirou simply said that he would discuss with his party what he had
talked about with the Commerce Minister.
“It is a positive thing that the government is willing to bring the
matter to the Cabinet, but we also respect that each party must have
their say whether creating a casino on the island would be to the
benefit of not only the state but to its people,” said Omirou.
CTO president Fotis Fotiou has filed a proposal to Lillikas requesting
that two casinos be up and running by the end of the year. The proposal
includes all matters related to casinos in the south as well as the
social problems that could arise.
However, Fotiou maintains that a casino is not only a place where people
can gamble but also an entertainment venue. According to Fotiou, the
Church has yet to raise objections about discussions for a casino.
Successive governments have been thinking about setting up a casino for
years, but the issue has gained added urgency since the opening of the
checkpoints last April, given the north’s huge gambling industry.
Halkidiki -
Greece,
June 19, 2004
Mikohn's CasinoLink Chosen by
Porto Carras in Greece
Mikohn
Europe B.V. a wholly-owned subsidiary of Mikohn Gaming Corporation, a
leading provider of diversified products and services used in the gaming
industry world-wide is pleased to announce that the Porto Carras Grand
Casino Resort in Halkidiki, northern Greece has chosen Mikohn's
CasinoLink® Management System.
The
choice of the Mikohn system was made specifically for its depth of
options, in particular its progressives services, player tracking and
cadd-track capabilities that will be connected to more than 400 slot
machines within the next 30 to 60 days.
Mikohn's CasinoLink Management System is a core business for Mikohn as
evidenced by its on-going development and industry leadership in jackpot
technology. This system includes comprehensive slot accounting,
progressive and mystery jackpot management, an ability to manage both
single and multi-site installations as well as operate wide area and
local area jackpots from a central location. The reporting and analysis
are in-depth, yet the system is flexible enough to allow daily slot
operation procedures to be tailored to each individual site while
providing corporate offices with an accurate, up-to-date view of the
entire business.
Nicos Kontopoulos, Analysis & Systems Manager from Porto Carras stated,
"Mikohn introduced us to the management software modules of the EndX
Group. This was our first step towards optimising our casino management
capabilities. As these modules are seamlessly integrated with CasinoLink,
it was a logical step to follow up this initial phase with an investment
in the complete range of products offered in Mikohn's CasinoLink system.
After careful consideration and evaluation we are now keen to have the
system up and running as soon as possible and with Mikohn's know-how we
are confident this can be accomplished."
Neil
Crossan Managing Director of Mikohn Europe added, "CasinoLink is
installed in many large scale gaming operations across Europe. Greece
has been an important market for Mikohn for almost a decade and
CasinoLink is an integral part of our product offering. The selection of
Mikohn's online system by Casino Porto Carras makes this the sixth
installation in Greece."
About
Mikohn: Mikohn is a leading supplier of innovative and diversified
products and services used in the gaming industry world-wide. The
Company develops, manufactures and sells an expanding array of slot
games, table games and advanced player tracking and accounting systems
for slot machines and table games. The Company is also a market leader
in exciting visual displays and progressive jackpot technology for
casinos world-wide. There is a Mikohn product in virtually every casino
in the world.
CasinoLink® is a registered trademark of Mikohn Gaming Corporation.
(C)2004 All Rights Reserved.
Safe
Harbor Statements under The Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements, including
statements regarding the Company's contractual relationship with Porto
Carras and activities expected to occur in connection with that
relationship. Such statements are subject to certain risks and
uncertainties, and actual circumstances, events or results may differ
materially from those projected in such forward-looking statements.
Factors that could cause or contribute to differences include, but are
not limited to, risks related to the implementation of the Company's
contractual relationship with Porto Carras, delay in the purchase or
installation of products by Porto Carras, the introduction of new
products, rights licensed from content providers, the Company's ability
to enforce its intellectual property rights, the Company's ability to
meet its capital requirements, relationships with casino operators, the
overall industry environment, customer acceptance of the Company's new
products, further approvals of regulatory authorities, adverse court
rulings, production and/or quality control problems, the denial,
suspension or revocation of privileged operating licenses by
governmental authorities, competitive pressures and general economic
conditions as well as the Company's debt service obligations. For a
discussion of these and other factors which may cause actual events or
results to differ from those projected, please refer to the Company's
most recent annual report on Form 10-K and quarterly reports on Form
10-Q, as well as other subsequent filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue
reliance on any forward-looking statements. The Company does not
undertake, and specifically disclaims any obligation, to update or
revise such statements to reflect new circumstances or unanticipated
events as they occur. In addition, all distribution agreements, business
agreements, joint ventures, alliances, partnerships, and sales
agreements are contingent upon successful completion of any required
background investigations and resolution of any regulatory compliance
issues.
International,
June 17, 2004
Casino dealmakers aim for globe
MGM Mirage executives plan aggressive growth
Associated Press
LAS
VEGAS - The $4.8 billion buyout of Mandalay Resort Group Inc. by MGM
Mirage will have global implications for the gambling and convention
markets, according to company executives who yesterday previewed an
aggressive growth plan stretching from Las Vegas to Singapore.
Hours
after the boards of both companies unanimously approved the biggest
casino deal in history, Terri Lanni, chairman and chief executive
officer of MGM Mirage Inc., put competitors on notice that the gambling
giant would not let the merger slow efforts to build new casinos around
the world.
"With
all of the additional resources we'll gain from this transaction, we'll
be better able to compete across all segments of the gaming and leisure
market," Lanni said in a conference call with analysts.
The
terms of the agreement were a cash buyout of $71 per share and the
assumption of $2.5 billion in Mandalay debt. It also includes about $600
million in bonds that can be exchanged for company stock.
The
agreement calls for a $160 million breakup fee if the deal collapses,
Glenn W. Schaeffer, Mandalay's president and chief financial officer,
told the Associated Press.
Jim
Murren, MGM Mirage's president and chief financial officer, said
complete terms would be released within days, and he didn't envision
problems financing the blockbuster deal between the two Las Vegas-based
companies.
Mandalay's executive management will help with the transition but will
not remain. MGM Mirage executives said most of Mandalay's other
employees would be retained.
Mandalay's shares fell 8 cents to close at $67.80, and MGM Mirage's
shares lost 62 cents at $48.88 yesterday on the New York Stock Exchange.
MGM
Mirage executives said they expect to complete the transaction by the
first quarter of 2005 if antitrust issues don't interfere. Murren said
he doesn't think gambling regulators will delay the deal, which has been
reviewed by legal experts.
Schaeffer said the two companies are a perfect fit with their diverse
assets, and their combined potential is formidable.
The
transaction, which will create the biggest gambling company in the
world, will give MGM Mirage revenues of about $6.5 billion and control
of 28 properties in Nevada, New Jersey, Illinois, Michigan and
Mississippi.
Caesars
Entertainment and Harrah's Entertainment will each drop a notch on the
gambling ladder, taking the second and third spots, respectively, in
total revenue.
In
addition to having 70,000 employees, MGM Mirage would boast the
fifth-largest convention center in the United States, at the Mandalay
Bay hotel-casino in Las Vegas.
The
combined companies would claim about half of the 72,000 hotel rooms on
the Las Vegas Strip. Many of the most famous casinos in the world, the
Mirage, Bellagio, MGM Grand, Circus Circus, Luxor and Mandalay Bay,
would fall under the new MGM Mirage corporate umbrella.
Murren
said MGM Mirage had no plans to sell any of its properties, except for a
casino in Detroit. Michigan law requires MGM Mirage to sell either the
MGM Grand Detroit Casino or Mandalay's MotorCity Casino because
Detroit's three licensed casinos must be separately owned.
Tel Aviv - Athens,
June
17, 2004
New bribery suspicions link Sharon
family to Austrian casino tycoo
Tel
Aviv, Apr 26 (DPA) Israeli Premier Ariel Sharon's family is suspected of
having accepted three million U.S. dollars from an Austrian gambling
tycoon in return for expected favourable decisions by Sharon regarding
casinos the tycoon owns, Israeli dailies reported today.
The money was paid to a company set up by Sharon's son Gilad in the
Caribbeans, which gives ''consultancy services'', but is suspected of
being a fake.
Police say they have reason to suspect it can be traced back to the
Austrian casino owner Martin Schlaff, said to be a close friend of
Sharon.
The Austrian owns casinos across the world, including in the West Bank
city of Jericho, which has been closed since the current Palestinian
Intifada (uprising) erupted in September 2000. Schlaf also owns a casino
ship anchored just outside Israeli territorial waters near the southern
Red Sea resort of Eilat, as casinos in Israel proper are currently
illegal.
The suspicion that Gilad Sharon accepted the money in return for a
possible quid-pro-quo from his father arose when detectives
investigating another corruption scandal raided the office of an Israeli
lawyer whom Gilad hired when he set up his consultancy firm.
It is the latest twist in suspected corruption affairs involving the
premier, as the detectives continue to investigate suspicions that the
Israeli premier received bribes from two other businessmen.
One of the businessman, David Appel paid Gilad Sharon hundreds of
thousands of dollars at the end of the 1990s, allegedly to win support
of then foreign minister Sharon for the construction of a resort on a
Greek island.
The other businessman, South African Cyril Kern, also a friend of the
premier, gave Sharon's family a loan of 1.5 million dollars on unusually
favourable terms, which Sharon used to pay back illegal contributions to
his 1999 Likud party primaries campaign.
Israel's state prosecutor late last month recommended the premier be
indicted for allegedly accepting nearly two million dollars in bribes
from the two businessmen.
The attorney-general is expected to rule this month whether to go ahead
and indict Sharon.
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