Kostas Belladakis: Why he leaves the casinos of Corfu, Alexandroupoli and…

Outside stock formation From the company that manages the Corfu, Alexandroupolis and Rio casinos, Kostas Belladakis will be appointed in the coming period. The well-known businessman, who until recently controlled the group to which the three companies belong, recently proceeded to transfer his shares to the new structure under the Greek-British fund Glafka Capital.

After about a year and a half since Glafka bought the loans of the Rio, Corfu and Alexandroupolis casinos, Mr. Belladakis is “saying goodbye” to shareholder status. Development was expected to come through Judicial methodHowever, due to the long delay, the strategic investor reached an agreement with Mr. Belladakis, for the latter to proceed with the transfer of shares, which until now had placed him, albeit formally, at the shareholders’ table.

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Decision to change

Now, the change in the composition of the shares of the company controlling the three casinos is subject to the approval of the supervisory authority, the Gaming Supervision and Control Committee headed by Dimitris Dzanato. Sources close to Glavka indicate Capital.gr That the specific movement was decided because it is not possible not to own the shares in question, which are the ones in the first place They throw money At work. The same sources claim that no financial agreement was reached with Mr Belladakis for him to leave, but he simply realized he had no other choice.

However, there are quite a few who describe the transfer of shares and withdrawal of the previous owner as a A risky decisionTaking into consideration Excessive debt Of casinos in public funds and insurance funds, which inherited the new scheme from the Belladakis administration and are still unregulated. However, on the part of Glavka, they note that he does not lose the status of general director and the responsibilities resulting from this position. From the first moment, his stay was considered necessary not only because of the large debt owed to the public (estimated at 50 million euros) but also because of the information he had that was important for a smooth transition. This choice was not taken into consideration by Rio Casino employees, who claimed that the box was a showcase for Belladakis, which Glafka’s representatives categorically denied.

At what stage are the three casinos located?

We remind you that for Rio Casino, which from the beginning had the biggest problems, which remained insurmountable even after the entry of the Greek-British fund, Glavka Capital, at the end of 2022, Operating license has been permanently suspended This is after the decision of the Games Supervision and Control Committee (EEEP) last September.

There were several periods when the casino was closed mainly due to non-fulfillment of its financial obligations to the public and insurance funds as well as to the employees. Since September 21, 2023, when EEEP decided to move forward with the final suspension of its operating license, until today, Rio Casino has reduced its menus and thus its employees have not been paid. For its part, the company resorted to justice, filing an appeal against the EEEP law. According to the competent authority, this step indicates that Glavka Capital is still interested in a business combination.

The situation is also difficult for Alexandroupolis Casino after its recently published merger application was rejected. This means that the EEEP, according to its regulations, is obliged to initiate procedures for the temporary cancellation of the company’s operating license (this is for a period of two months). However, on the part of Glafka Capital, there seems to be a desire to implement the solution plan. The only area, so far, that does not seem to have any serious problem is Corfu, which last summer moved into the building that was Corfu’s old garrison, in one of the city’s most touristy areas near Liston Square. .

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