The Greek casino industry is undergoing a major transformation, with high-profile investments and relocations redefining the market.

While casinos now account for a smaller share of the broader gambling industry, with the total Greek gambling market reaching $31.5 billion in wagers in 2023 and gross gaming revenue of $2.8 billion, the flurry of new licenses, relocations and integrated resort projects is reshaping the sector and attracting international attention.

Following global trends, Greek casinos are evolving into integrated resorts, where gambling is just one part of a broader entertainment and hospitality experience.

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These resorts aim to attract high-end tourists, generate consistent visitor flows, boost tax revenue and enhance Greece’s international brand in luxury tourism. The next five years will be critical in establishing Greece as a leading Mediterranean destination for integrated resorts.

Leading the wave is the Hard Rock Hotel & Casino Athens at the former Ellinikon site, a project valued at $1.6 billion. The venture is a partnership between Hard Rock International (51%) and GEK TERNA (49%), a major Greek construction and energy company, set to create one of Europe’s largest integrated resorts.

Standing 646 feet (197 meters) tall with 42 floors, the resort will include a five-star hotel, a conference center, event spaces and a casino built to international standards. Completion is expected within three years, creating three thousand construction jobs and three thousand permanent positions once operational.

Another key development is the relocation of Parni­tha Casino to Marousi. The plan, initially proposed thirteen years ago, overcame legal hurdles after the Council of State approved Presidential Decree No. 36 (FEK 79/A/30-3-2023), which permits the transfer and modernisation of the casino into a multifunctional complex.

This Voria complex will occupy 52 acres near Golden Hall—an upscale shopping mall in Marousi—with 27 acres allocated for public spaces and 25 acres housing the casino, a five-star hotel with 150 rooms, a 1400-seat auditorium, dining, entertainment areas and a 636-space underground parking garage.

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The $270 million investment is projected to create three thousand construction jobs and three thousand permanent positions, with completion expected three years after the building permit, anticipated in September 2025.

Three other casinos—in Rio, Alexandroupolis and Corfu—are undergoing financial restructuring.

Saint George Participations, linked to the Arfani and Chioni families, secured operational approval from the Hellenic Gaming Commission (EEEP) and plans to acquire licenses and control by purchasing existing loans and shares.

Although legally and financially complex, investors have already committed $13 million, signaling long-term involvement even before taking equity stakes.

The EEEP is also preparing to award a new casino license in Gournes, Heraklion, Crete, independent of the broader redevelopment of the former US base managed by Dimand.

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Crete’s strategic location, strong tourism and new infrastructure make it highly attractive. The license is expected to be offered via tender by early 2026, drawing international interest.

The Ukrainian Gambling Council (UGC) has called for a united, tech-based plan to tackle the worldwide increase in illegal online betting.

Viktoriya Zakrevskaya, UGC’s Deputy Chair, said the quick growth of digital platforms has led to more unlicensed operators. These operators often use cryptocurrencies and social media to avoid getting caught and to attract users.

Illegal operators now make up a big part of the $618.7 billion global iGaming market expected by the end of 2025. These platforms often register offshore, use anonymous payments and market online, making it harder to enforce laws against them.

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Zakrevskaya pointed out that nations across the globe are trying out solutions that mix rules, tech and people’s involvement. Argentina, for example, has put in place tough age-checking systems and stops blacklisted websites on public Wi-Fi networks. This method, she explained, has made illegal sites harder to reach for at-risk groups such as kids.

In Indonesia, where betting is outlawed, officials have started watching money flows to cut off unlawful activity. Just last year, they froze 26,000 bank and e-wallet accounts tied to illegal betting operations, showing how focused money controls can limit unregulated gambling.

The US struggles with a unique problem because of its scattered rules. Unlawful betting websites are growing almost twice as fast as legal ones in the US. Over 80% of users see ads for unlicensed sites. People are now trying to tighten control on digital money and push big tech companies to better manage gambling content.

Ukraine has stepped up its crackdown. The country’s new watchdog PlayCity, which started after KRAIL was shut down, is teaming up with global tech firms like Meta to take down social media accounts that promote illegal casinos. The government has also blocked more than a hundred unlicensed sites thought to be sending money to Russia. Kyiv thinks Moscow uses the underground gambling world to fund its ongoing war.

A crucial element of Ukraine’s long-term plan involves creating a system to monitor bets and tax income in real time with transparency. The Ministry of Digital Transformation is working with tech experts to construct the platform, which should enhance supervision and boost public confidence in the regulated market.

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