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Legislation permits Greece’s casinos to provide loans of 50,000 euros

Where banks fail, casinos have the solutions. The Greek casinos. The Greek Casino Banks. They will give loans of at least 50,000 euros. Unbelievable? But true. The omnibus prior actions bill voted last Monday at the Parliament includes a clause that allows casinos to lend to esteemed customers as much as they want to.

The proposed regulation permits casino institutions to issue credit of at least 50,000 euros to affluent players so that they can continue playing for as long as they like or can afford.

the loans will not be in form of cash but in form of special chips that will be used exclusively  inside the casino that provided the loan. The special chips can be converted o9n money only when the casino loan is repaid in full.

Government officials qualified the measure as one that will aid in the country’s growth, arguing that it will help bring major punters to Greek casinos. Ahead of the creation of casinos at Elliniko in southern Athens and on the islands of Myconos, Santorini and Crete, where wealthy visitors are expected, the measure is one of particular interest.

Too bad the regulations targets more foreign gamblers and less the impoverished Greeks in need.

The main objective, according to a well-informed source, is to facilitate moneyed travelers who want to come to Greece to try their luck, adding that many people from Arab states and the Far East who enjoy gambling shape their holiday plans according to their chances at casinos.

Critics respond that the measure is likely to lead to loans with illegal interest unless strict monitoring is also introduced.

Furthermore, critics underline the risks for the gambler’s protection and point out at phenomena to ‘legalize loan sharks” or even “money laundering” inside the casinos.

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One comment

  1. Las Vegas casinos have always fronted money to gamble with known as a marker. But if one does not pay these markers is what I’m curious of the consequences?