Greece: Queenco casino profit on track awaiting government deal

Queenco, which also runs casinos in Romania and Serbia and is set to open one in Prague next year, said first-half revenues increased 15 percent to 93 million euros (us$ 127.1 million), and pretax profit rose 18 percent to 20.9 million euros as visitors and profits increased at its main casino near Athens.

"We believe we will meet (full-year) forecasts," CEO Dror Mizeretz told Reuters. "The Loutraki is the main driver (for revenue growth)... The market is improving as a trend, but it doesn’t just come to you. We are working on the product all the time."

Greek government has said it wants to glean more money from casinos, but any plans or negotiations with operators are on hold until after a snap election on September 16.

It has said it will sell off more of its 51 percent stake in the Mont Parnes casino near Athens, but has so far been vague on other options.

"Everything can happen, but we don’t think they will increase the number (of casinos)," said Mizeretz. "We believe they will wait for the election and then negotiate an increase in licence fee from the casinos."

He said operators would expect something in return. "There’s exclusivity. We want to equalise the entrance fee and maybe reduce the age level, which is now 23, to 21", and added: “If they allow new licences, they have to reduce our taxes.".

The firm traditionally sees stronger profits in the second half as holiday makers boost revenues at its casino on the Island of Rhodes. Mizeretz said the forest fires that have savaged parts of Greece had not affected the firm’s casino resorts.