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Will Greece’s Casino Bet Pay Off?

In recent years, Greece has been actively using casinos as a tool for economic and tourism growth. Gambling complexes are transforming from niche establishments into strategic assets aimed at expanding the country’s tourist appeal. Why are authorities and investors placing their hopes on the gambling business? Can the development of the entertainment industry elevate Greece to a new global level?

Casinos as a Strategic Vector: What Drives Greece?

Public and private investors view gambling as a promising pillar for diversifying the economy. This is especially relevant against the backdrop of the need to expand sources of income after a prolonged economic crisis.

The Greek Ministry of Tourism emphasizes that supporting the gambling sector allows for the attraction of new funds, increased employment, and stimulation of related sectors. According to the head of the Greek Casino Association, Yiannis Mavridias, the national strategy is aimed at the long-term strengthening of the country’s position in international tourism.

According to market analysts, the key drivers of growth are government support, simplified licensing, and a focus on modernizing infrastructure. Government documents indicate that licensing of new casinos is accompanied by strict requirements for investment transparency and operator oversight. This is intended to ensure not only revenue growth but also the protection of public interests.

Scale and Geography of the Industry

According to industry portals, as of May 2025, there are 101 casinos operating in Greece. Of these, 67 are located in the Attica region, 15 in Central Macedonia, and 7 in the western part of the country. About 79% of all gambling establishments are independent entities, while the rest belong to large chains. These figures reflect not only the scale of the industry but also its decentralization. Sources of information include official license registries and reports from the Ministry of Tourism.

For comparison, neighboring Bulgaria has fewer than 50 casinos, and Cyprus has only 7 licensed establishments. In terms of the total number of gambling venues, Greece is already approaching some European leaders, indicating high investment activity in the sector.

Flagship Projects and New Faces of the Industry

The largest project in recent years is the Hard Rock Casino complex on the site of the former Ellinikon airport in Athens. According to developers, the total investment exceeds €8 billion ($9.34 billion). The plans include the construction of a casino area, a five-star hotel, a shopping gallery, as well as a high-rise skyscraper for VIP guests and an extensive yacht marina.

The new complex is expected to open in 2027 and become one of the largest entertainment centers in the Mediterranean. Hard Rock representatives claim that the project will create up to 10,000 jobs during the construction phase alone, and after launch will provide employment for thousands of staff in the hotel and entertainment sector.

Integration with Tourist Infrastructure

What happens when casinos go beyond the usual gaming halls? In Greece, the model of an integrated resort is taking shape, where gambling becomes part of a complex tourism ecosystem. This implies a combination of casinos, hotels, restaurants, cultural and sports facilities within a single space.

This approach has already proven effective in Cyprus and Macau, where integrated resorts attract not only gamblers but also families, business travelers, and organizers of major events. Experts note that such a model contributes to an increase in the average spend, extends the length of stay for guests, and creates an image of the country as a modern, welcoming destination.

To clarify, an integrated resort is a multifunctional tourism cluster in which gambling is combined with leisure and cultural services. For the economy, this means the creation of new jobs, the development of the service sector, and increased regional competitiveness.

Regional Scenarios: Crete, Thessaloniki, and Other Cases

On the island of Crete, a key destination for foreign tourists, there are plans to introduce casinos into the structure of new resort complexes. Currently, the project to integrate a gambling zone with hotels and museums is at the approval stage. According to the regional administration’s forecast, this will increase the flow of high-end tourists and extend the seasonality of inbound tourism.

In Thessaloniki, old casinos are being renovated and new facilities are being built on the outskirts to attract additional tourist flows. As the city council notes, modern establishments will become points of attraction for guests wishing to combine cultural recreation with entertainment. In other regions, such as Western Greece, casinos are appearing near popular resorts, which contributes to an increase in tourist numbers and the revitalization of small businesses.

Economic Impact and Public Expectations

According to the Ministry of Development, investments in the sector have amounted to several billion euros in just the past three years. During the implementation of major projects, the number of construction jobs reaches 12,000, and after the opening of resorts, thousands of vacancies are added in hotels, restaurants, services, and security.

The multiplier effect of the industry is expected to manifest through an increase in the number of foreign tourists, a rise in the average length of stay, and higher on-site spending. Hard Rock representatives emphasize that the integration of gambling and tourism services contributes to the development of related industries: transport, trade, and entertainment.

However, independent analysts such as economist Sofia Karayani warn of the risks of market overheating and social tension. According to her, if demand for gambling services is lower than forecast, some investments may not pay off, and regional budgets may face the challenge of supporting inefficient facilities.

Online Gambling in Greece - a Rapidly Developing Sector

The iGaming sector in Greece is strictly regulated, but thanks to growing interest from both locals and tourists, this does not slow its rapid development. The country’s laws are adapted to European standards, so players can be confident in their secure position.

Greek online gambling is among the fastest-growing in the EU. Most players opt for mobile gambling. As for specific game preferences, Greeks choose the same online entertainment as other Europeans. In recent years, crash games have been trending, captivating players with their mechanics and gameplay.

One of the most popular representatives of this category in Greece is Aviatrix. On the site https://aviatrix.com.in/ you can find information confirming the global popularity of this game—it is offered by many well-known online casinos. Statistics show that the Aviatrix game increases online casino traffic by 5–10%.

The online gambling sector, like land-based casinos, is developing rapidly and is a profitable market that supports the country’s economic growth.

Challenges and Prospects: Opportunities and Risks Ahead

The Greek casino market faces seasonality, strong competition from foreign resorts, and public debate about the ethics of gambling development. The government pays attention to operator oversight, the introduction of responsible gaming standards, and monitoring the impact on local communities.

Industry experts note that the key challenge is to find a balance between commercial interests and social responsibility. If the implementation of integrated resorts is accompanied by transparent regulation and investment in infrastructure, Greece has a chance to turn its Riviera into a new center of world tourism.

Will the country be able to create a Mediterranean equivalent of “Las Vegas,” and how sustainable will this success be? Only time will tell, while watching the industry’s development is already turning into a fascinating journey with many unpredictable twists and turns.

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