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 The Future of Gaming in the Mediterranean




The Future of Gaming in the Mediterranean
Published: 2023-10-03

Casino gaming in the Mediterranean continues to evolve. Future phases to City of Dreams Mediterranean will continue to attract more gamers from nearby countries.

 

The operators of City of Dreams Mediterranean (COD Med) held their official grand opening on the island of Cyprus, and to many in the gaming industry it heralded the introduction of the first integrated casino resort in the Mediterranean region.

 

It was generally assumed by many in the industry, particularly those residing in the United States and East Asia, that prior to the opening, Southern Europe did not offer the kinds of gaming, dining, lodging and entertainment found in Las Vegas, Macau or Singapore, and that the market was, until that point, underserved.

 

The Mediterranean region had long offered a diverse mix of casino gaming that targets both residents and international visitors. It is home to one of the world’s oldest continuous operating casinos, a wide variety of slot halls and small casinos located in hotels, and some of the world’s most attractive integrated casino resorts.

 

The casinos in Northern Cyprus continue to invest in what is already an outstanding mix of gaming and lodging products. Tourism volume into Northern Cyprus is expected to get a significant boost with the possibility of new flights from Germany and the United Kingdom.

 

Also, looming in the not-too-distant future is the $4 billion Wynn Casino Resort in the United Arab Emirates. Any forecast of future gaming revenues in the Southern Mediterranean must factor in these changes. Gambling in the Mediterranean is about to get a lot more interesting.

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Spain reorganizes some licenses and prohibits the exploitation of some games, cancels the licenses. 

The Future of Gaming in the Mediterranean

The General Directorate of Gaming Regulation has issued resolutions by which the unique licenses for the development and exploitation of certain types of games are extinguished.

 

In the case of the entity Prima Networks Spain, PLC, the singular license for the game "Punto y Banca", granted on June 1, 2012, has been extinguished. Similarly, the singular license for the game "Roulette", granted on June 2, 2015 to the entity Eurobox, SA, has also been extinguished.

 

Prima Networks Spain, PLC has general licenses for "Other games" and individual licenses for "Roulette", "Black Jack" and "Machines of chance - slots", although it did not have a website that offered the game. For its part, Eurobox, SA, has general licenses for "Other games" and "Betting", as well as individual licenses for "Roulette", "Black Jack", "Slot machines" and "Counterparty sports betting".

 

Victoria makes changes to online gambling account rules

 

The inquiry represents the latest step in Victoria’s ongoing efforts to improve regulations for gambling.

 

In April, the VGCCC confirmed changes to rules for online gambling accounts in the state. This includes how players view their spending and losses. These changes focus on how certain information is displayed to players within their online gambling accounts. This includes information on spending, with net loss now excluding free and bonus bets.

 

Meanwhile, net wins are now more accurate, with players’ monthly statements subtracting all stakes from their total payout amount. Licensees are also required to use plain English, avoid unnecessary jargon and limit the use of colours to black and red to clearly show losses. In addition, gambling harm messaging should feature on each monthly statement.

 



The Catalan Hockey Federation and Lotteries of Catalonia reaffirm their commitment. 

The Future of Gaming in the Mediterranean

The Catalan Hockey Federation and Lotteries de Catalunya have renewed their collaboration agreement, an alliance that will continue until December 31, 2024.

 

 

This renewal has been signed by the director general of Lotteries de Catalunya, SAU (LCAT), Jaume Torradabella, and the president of the Catalan Hockey Federation, Xavier Adell.

 

 

Since its creation in 1987 and until 2021, all net income achieved by the management of the lottery game has been transferred to the Department of Social Rights to be allocated to programs for the care of children, old age and people with disabilities.

 

From 2022, these net revenues are transferred to the Fund for Prosperity and Social Cohesion to optimize the transparency and traceability of these resources. 100% of the profits from Lotteries de Catalunya go to the Fund for Prosperity and Social Cohesion of the Generalitat de Catalunya. This renewal will continue to be very positive for both entities, contributing to the growth of Catalan hockey and the well-being of the community.

 



The liquidator leaves the value of the Codere shares in the hands of the minorities at zero. 

The Future of Gaming in the Mediterranean

Shares of the Codere group in the hands of minority investors have been valued at zero euros. This situation also affects the warrants delivered to the shareholders of Codere SA, which allowed them to benefit from a future sale of the company. In 2021, Codere's financial restructuring resulted in the creation of a new corporate structure in Luxembourg, headed by Codere New Topco.

Through this restructuring, the bondholders acquired 95% of the capital, significantly diluting the participation of the minority shareholders of Codere SA, who were left with just 5% and some warrants.

 

These latter financial instruments had certain conditions: the capital value of Codere New Topco had to reach 220 million euros and an IPO, a sale or a merger had to take place within a period of 10 years

 

The 2023 accounts of Codere SA, prepared by its liquidator, show that the participation of minority shareholders, which in December 2021 had a fair value of 14 million euros, was reduced to 4.3 million a year later and is now has devalued to zero euros due to a new deterioration.

 

The value of the warrants, which were initially recorded as worth €21.3 million in 2021, has also been reduced to zero. The liquidator's accounts indicate that it is unlikely to reach a capital value of more than 220 million euros, so it has been decided to leave the net book value of the investment at 0 euros.

 



Happiness in Switzerland, government renews licenses for 20 years for gaming operators. 

The Future of Gaming in the Mediterranean

Switzerland’s Federal Council has renewed all the casino licences in the country for 20 more years, starting next year whilst ushering in a new licence in Prilly and a replacement to the Schaffhausen casino in Winterthur.

I’m pleased that Swiss Casinos has joined the association and with it the entire casino industry with one voice can speak,” Mr. Pfister added.

 

Gerhard Pfister, Swiss Casino Association President, said: “The granting of the new concessions is a milestone. The federal government has recognised that today’s casinos ensure safe and responsible operations and generate great economic benefits in their region.”

 

 

Casinos in Zurich, Schaffhausen, St Gallen and Pfäffikon, all owned by Swiss Casino Group, have all joined the Swiss Casino Association.

 

 

Swiss Casinos board member Marc Baumann said: “We are happy to work together with the Swiss Casino Association to help shape the future. The online business is changing the Swiss casino industry sustainably.”



Dutch Gaming Authority is Taking Stricter Action Against Illegal Exploitation of Gaming Machines. 

The Future of Gaming in the Mediterranean

The Gaming Authority (Ksa) will enforce more stringently on illegally installed gambling machines. The Gaming Authority (Ksa) regularly receives reports about operators who do not comply with the regulations of their operating license for slot machines. If a violation is found, the Ksa requires operators to terminate it within two weeks.

 

At least two permits are required to install a gaming machine in a catering establishment or gaming hall. To operate gaming machines (skill and gambling machines), an operating license for gaming machines must be applied for from the Ksa. In addition, a presence permit must be applied for from the municipality where the provider wants to install gambling machines. The Ksa’s permit states that gaming machines may only be operated in establishments for which a municipal presence permit has been issued. If a gaming machine is installed without a permit from the municipality, it is a violation.

 

The presence permit is important because various matters are tested with this permit. For example, an applicant must draw up a policy to prevent addiction and minors are not given the opportunity to gamble on the machine. The integrity of the applicant, managers and managers of the location is also tested.

 

If gaming machines are operated without a permit from the municipality, the above protective conditions may not be met. The Ksa considers this an unacceptable risk and therefore monitors compliance with the regulations attached to an operating license for gaming machines and takes enforcement action.

 


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