Casinos in Greece: A New Era with Billion-Euro Investments and Transformations

The land-based casino sector in Greece is entering a phase of radical restructuring, with major projects underway and both domestic and international investors competing for a share in a market which, although small in terms of total gambling revenues, shows strong growth potential.

Despite casinos accounting for just 7.7% of total wagers and 8.6% of the industry’s gross gaming revenue (GGR), activity around licenses, relocations, and new projects is intense. After the deep recession brought by the pandemic, the market is attempting a dynamic comeback with investments that are reshaping the landscape.

The “Flagship” at Elliniko

At the top of the list is the development of the Hard Rock Hotel & Casino Athens in Elliniko—a project with a total cost of €1.5 billion. The partnership between Hard Rock International (51%) and GEK TERNA (49%) is bringing one of Europe’s largest integrated resorts to Attica.

Standing 197 meters tall with 42 floors, the complex will include a five-star luxury hotel, a conference center, large event spaces, and an international-standard casino. The completion timeline is three years, with 3,000 jobs expected during construction and another 3,000 permanent positions once operational.

The Move from Parnitha

Another milestone is the upcoming relocation of the Parnitha casino to Marousi. The plan, which began as a request some 13 years ago, finally overcame the last legal hurdles following the decision of the Council of State.

In the Dilaveri area, opposite Golden Hall, the Voria complex will be built on a 52-acre plot—27 acres will be given to the Municipality of Marousi for public spaces, while the remaining 25 acres will host the casino, a five-star hotel with 150 rooms, a 1,400-seat amphitheater, dining and entertainment areas, and an underground parking lot with 636 spaces.

The investment exceeds €250 million and will add 1,000 new jobs to the existing staff. Athens Resort Casino, which manages the license, is controlled by Regency Entertainment—also owner of the Thessaloniki casino—along with the Greek State.

The Rescue Plan for Three Units

On the opposite end of the spectrum from mega projects, three units—Rio, Alexandroupoli, and Corfu—are undergoing restructuring. Saint George Participations, a company linked to the Arfanis and Chionis families, received a suitability license from the Hellenic Gaming Commission (EEEP) and plans to acquire both the licenses and control by purchasing loans from Intrum and shares from current owner Kostas Piladakis.

The process is legally and financially complex. However, investors have already committed €12 million without yet holding equity, signaling a long-term commitment.

Crete on the Licensing Map

The Hellenic Gaming Commission is also preparing the tender for a new casino license in Gournes, Heraklion. The project will be developed independently of the broader redevelopment plan for the former U.S. military base, undertaken by Dimand, and is expected to attract significant international interest.

Crete’s strategic location, strong tourism, and new infrastructure—such as the Kastelli airport and the VOAK highway—create favorable conditions for the project’s success. The tender is expected to launch in early 2026.

From Traditional Halls to Resorts

The Greek market is following the global trend of transforming casinos into multi-purpose resorts, where gambling is only part of the overall experience. With demand driven by high-end tourism, the new investments aim to secure steady visitor flows, boost tax revenues, and strengthen Greece’s brand on the global entertainment map.

The next five years will determine whether Greece can establish itself as a leading destination for integrated resorts in the Mediterranean, leveraging both its geographic position and its tourism profile.