Casinos in Greece experienced their third consecutive year of decline in 2011, with revenues down significantly.
According to local media reports, between January and November total turnover of the country’s nine casinos fell 18.5 per cent on the previous year to €382.2m.
This follows the 17.7 per cent decline recorded in 2010 and the 16 per cent fall in turnover in 2009.
Much of this trend is attributed to the precarious economic situation Greece finds itself in, with consumer spending hit by a fall in disposable income.
Similarly, the government - which has both a direct stake in the casino industry through partially state-owned properties and an indirect interest through the taxes it collects - has also seen revenues from gaming decrease.
Online gaming and forms of illegal gambling have also been blamed.
