Greek gaming group OPAP, which was granted the exclusive right to operate the country’s video lottery terminal network, is seeking in excess of €1bn in damages following regulatory changes that impose “unprecedented restrictions.”
The company has filed a request for arbitration under the 2011 VLT Licence Agreement with the London Court of International Arbitration.
As a result of the decisions taken by the Hellenic Gaming Commission relating to the VLT regulatory framework, it claimed, there has been a “radical change of circumstances in the project’s implementation.” This has led to OPAP suspending its VLT business activity.
“The existing regulatory framework now contains a number of unprecedented restrictions, which defy international best practices of responsible gaming and render OPAP’s VLT business no longer economically viable,” it said.
Despite its attempts to work with the authorities to “arrive at a reasonable and balanced” regulatory framework that is both in the public interest and at the same time is economically viable for both OPAP and its business partners, no changes have been made.
“OPAP assures its investors, its partners and its employees that it remains absolutely focused on its investments and shall continue to take all appropriate actions to arrive at a reasonable and balanced legal framework that secures public interest and public revenues and, at the same time, restores OPAP’s rights and the economic viability of OPAP’s business as guaranteed under OPAP’s exclusive licence agreements with the Hellenic Republic.”
