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Greece – Queenco confirms Loutraki licence investigation

By - 6 November 2013

Queenco Leisure, one of the joint owners of Club Hotel Casino Loutraki, has said the Greek Committee for the Supervision and audit of Games has invited the joint venture operating the property to answer claims it has allegedly breached its license terms due to its failure to transfer certain payments to the Greek authorities.

The hearing is scheduled to take place on 11 November 2013.

A spokesperson for Queenco said:”As of the date of this report, the company is unable to estimate if and to what extent this hearing shall affect the license granted to the JV for the operations of Casino Loutraki.”

Management at the venue, one of Greece’s leading casinos, recently stressed it is not on the verge of going out of business, reassuring workers that it was not about to apply for bankruptcy and they their jobs were safe.

Public Relations Manager, Yiannis Vrachatis, confirmed the property was not seeking protection from its creditors, but that it has come to an agreement with them. “The consortium of the Casino of Loutraki has sent to the Court of Corinth a request to approve the agreement concerning the regulation of the debts with its creditors,” Mr. Vrachatis explained. “The adoption of this agreement by the court will ensure the continuance of the operation of the company and the employment of 1,400 workers.”

Turnover for the first eight months placed Loutraki in second place in the Greek league of top earning casinos. Revenue was down 15.2 per cent to €55.3m despite attendance improving by 11.3 per cent to reach 468,852.

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