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How Greece is Modernizing the Tourism Industry through Casino Investments

Greece’s gambling market has unexpectedly come into the spotlight of international investors. Major integrated resort projects, record investments, and changes in the structure of the gaming industry promise to transform the country’s economic and tourism landscape. Why is Greece focusing on large-scale casino transformation right now, and what hopes do entrepreneurs and the government associate with this business?

Greek Gambling Market - Figures, Facts, and New Trends

The current structure of Greece’s gaming market is noticeably different from that of a decade ago. According to the Hellenic Gaming Commission (EEEP), by 2023, the total volume of gambling bets reached $31.5 billion (€29.2 billion), while operators’ gross revenue amounted to $2.8 billion (€2.59 billion). At the same time, the share of traditional casinos in the sector has decreased, giving way to fast online betting and new entertainment formats.

Analysts link this shift towards online platforms and lotteries to trends in Europe’s largest markets. However, despite the decline in the significance of individual casinos, investor interest is growing—primarily due to integrated resort projects, where gambling is just part of a broader package of services. According to EEEP industry experts, this new wave of investment has the potential to bring Greece back into the top five European gambling tourism centers.

From Casinos to Integrated Resorts

An integrated resort is a multifunctional complex where a classic casino is combined with a five-star hotel, conference center, restaurants, recreation areas, and facilities for business events (MICE). This approach has become a successful model for many countries: in Macau, Singapore, and Las Vegas, integrated resorts welcome millions of guests annually, setting a new standard for gambling leisure.

Greek authorities and major companies are striving to replicate this experience, focusing on attracting affluent tourists, increasing tax revenues, and supporting the hotel market. According to a representative of the Ministry of Tourism, the new strategy should change the country’s image in the eyes of premium clients from Europe, the Middle East, and Asia. Ten years ago, most Greek casinos were standalone establishments far from mass tourist flows. Today, the focus is shifting towards integrated solutions that combine gaming, leisure, and business.

Hard Rock Hotel & Casino Athens - The Flagship of a New Type of Resort

The largest and most ambitious project of the new cycle is the Hard Rock Hotel & Casino Athens, located on the site of the former Ellinikon airport. This resort promises to become the largest in Europe, with a total cost estimated at $1.6 billion. The construction partners are the global corporation Hard Rock International (51%) and the Greek conglomerate GEK TERNA (49%).

The complex will include a five-star hotel, casino, modern conference center, concert and entertainment venues, and its building will rise to 42 floors (197 m). According to developers’ forecasts, the facility will provide three thousand jobs during construction and the same number on a permanent basis after opening in three years. A Hard Rock International representative noted in an interview with Reuters: “We believe in the potential of Greek tourism and see a unique opportunity to create a new major attraction for Europe.” International experts from Gambling Insider consider this project significant for the entire region.

Relocation of Parnitha Casino

The next stage of transformation was the decision to relocate the legendary Casino Mont Parnes, which was historically located in the mountains north of Athens. The reason for the move is the need for modernization, expansion, and greater accessibility for guests of the capital. For more than ten years, the initiative faced legal obstacles, but in March 2023, Presidential Decree No. 36 (FEK 79/A/30-3-2023) authorized this step.

The new Voria complex will occupy a 52-acre site in the prestigious Maroussi district, next to the large Golden Hall shopping center. Of these, 27 acres will become public space, and the remaining 25 will be dedicated to the infrastructure of the casino, a 150-room hotel, a 1,400-seat auditorium, restaurants, and an underground parking lot for 636 cars. Investments will reach $270 million, with plans to create three thousand jobs, and the opening is scheduled for three years after obtaining a building permit (presumably from September 2025). According to lawyers from the NOMOS consulting group, this case demonstrates how reforms and legislative changes can break the deadlock even for the most complex projects.

Restructuring of Regional Casinos

In addition, experts are paying attention to the restructuring of three regional casinos—in Rio, Alexandroupolis, and Corfu. In recent years, these enterprises have faced serious difficulties due to debts and declining attendance. The new investor is Saint George Participations, associated with the Arfani and Chioni families, who received EEEP approval to acquire licenses and control over the facilities by purchasing credit obligations and shares.

More than $13 million has been invested at the first stage, but the process remains legally and financially complex. It is expected that the emergence of new owners and debt restructuring will help preserve jobs and stabilize the regional economies. Experts from the independent rating agency Grant Thornton note that for small towns, such deals often become crucial for the local economy.

New Horizons for the Tourism Industry

On the regional level, plans to open a casino on the island of Crete are of particular importance. This direction was chosen due to the island’s unique geographical location, updated tourism infrastructure, and steady demand among foreign guests. A tender for the construction of a facility in Gournes near Heraklion is planned to be announced at the beginning of 2026, and high interest is expected from international operators.

It is worth noting that the project is not related to a larger development on the site of the former American base, which is being implemented separately by the developer Dimand. According to an EEEP representative, the appearance of a casino can enhance the region’s tourism appeal and create additional jobs in the service sector.

Online Casino Segment in Greece

The online casino market in Greece is experiencing dynamic growth. It has transformed from a strictly regulated niche into one of the most promising segments of European iGaming. This segment is growing by almost 4% per year, with the most popular components being live casinos and sports betting.

At the same time, global trends such as crash games have also affected Greece. Aviator, Jet-X, and other projects are widely represented in the region. This is confirmed by the list of casinos, which you can find here. It shows that there are indeed many licensed gambling establishments with crash games available to Greek players. However, these games have not become a viral hit for a wide audience in Greece. Players in this country prefer traditional gambling entertainment.

Market statistics show that online casinos are more popular among Greeks than land-based gambling establishments. But this does not affect the development plans of Greece’s gambling sector, since it is primarily targeted at tourists.

Expectations, Risks, and Alternative Opinions

Market participants and experts differ in their assessments of the future of Greece’s gambling industry. On the one hand, large investments and new formats promise economic growth, an influx of foreign visitors, and the creation of thousands of jobs. On the other hand, there are risks of prolonged legal disputes, competition with other Mediterranean countries, and an ambiguous reaction from the local population to large gambling complexes.

It seems that Greece is seriously aiming to become a new hub of European gambling and entertainment tourism. Whether the country will be able to repeat the success of Las Vegas or Singapore is the main question for the coming years, which concerns not only industry professionals but also the country’s residents.

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