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Opap Signs Concession Deal
Tuesday July 30,2013 : GREEK LOTTERY CONCESSION DEAL SIGNED (Update)
Paves the way for completion of OPAP privatisation deal with Emma Delta
The Hellenic Republic Asset Development Fund has signed an agreement for the exclusive right to operate the Hellenic Republic's State Lotteries for a 12 year period with Hellenic Lotteries SA, a consortium of gambling monopoly OPAP (67 percent), Intralot lotteries Limited (16.5 percent) and Scientific Games Global Gaming S.a.r.l. (16.5 percent); and the only bidder in the process.
The controversial deal, a pre-condition to the privatisation sale of OPAP, was initially objected to by the successful bidder of a 33 percent stake in OPAP, the Czech-led private equity consortium Emma Delta, as being contrary to the interests of OPAP.
It deemed the 3.3 percent of state lotteries revenues that would go to the two consortium members as being excessive and higher than anywhere else in the world .
The deal comprises Euro 190 million in cash, and a guaranteed minimum income of Euro 580 million (over a 12-year period), totaling at least Euro 770 million, the HRADF said Tuesday.
Stelios Stavridis, chairman of the HRADF told the Financial Times that signing the lottery concession “sends a signal of our determination to move ahead with the [privatisation] programme, which is going to play a key role in Greece’s economic recovery”.
The concession agreement, already approved by the Court of Auditors, will be submitted to the Greek Parliament for ratification, but is still subject to approval by the Competition Authorities of Greece and Cyprus.
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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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