Germany and Greece Negotiating EU Hurdles
In 2010, Germany announced its intention to dismantle the state run monopoly on gaming. This was an attempt not only to privatise the industry with the hope of raising more tax revenue but also to bring online gaming regulations more into line with other European countries.
Its proposals are almost complete but it is still falling foul of EU rules on state protectionism. Betfair have been one of the main complainants regarding the German proposals, arguing that opportunities for foreign companies will be limited. It is these limitations which are currently the stumbling block for the proposals. One would imagine Germany would like to favour its own operators when issuing the limited number of licenses but if you’re part of the European Union, that is not possible.
Greece, a country desperate for additional revenue of any kind, has also published draft laws which have fallen foul of EU regulations regarding the “……..freedom of establishment and the unhindered provision of services in the EU.”
Greece’s draft law includes the qualification that potential operators must have a bricks and mortar office in the country and to guarantee their financial undertakings with deposits in Greek banks. As well as contravening EU regulations, it seems unlikely that any online gaming operators will be that keen on depositing large amounts of money in a Greek bank.
Wynn Resorts Posts Profits – Looks Forward To Singapore
While other enterprises in Las Vegas may not be posting record profits, Wynn Resorts at least appears to be turning the corner. It is also certainly benefiting from its Macau locations. Macau continues to pull in more and more revenue each quarter and it must be some relief for Wynn, Las Vegas Sands and any other U.S. operators that they have a stake in this territory.
In Vegas, room occupancy rates are higher than they have been for some time and the Garth Brooks shows have also increased revenue. Regarding Asia, Steve Wynn has said that Singapore is the next obvious location. Unfortunately, current exclusivity agreements mean that they can invest in this territory is 2017.