Grand Casino initiates arbitration against Serbia - Casino without license, penalties for state

Grand Casino has initiated international arbitration against Serbia, seeking a EUR 0.5 million compensation to cover the fee paid for the license it has never obtained. In addition, as the daily Vecernje Novosti reports, they also demand penalties for the ten-year profit lost. If it loses this arbitration, Serbia may have to pay Grand Casino as much as EUR 1.4 million a year over the next decade.
- They filed a request for the extension of license for another ten years in June 2015 and paid half a million euro for that - Vecernje Novosti cites its source close to casino owners as claiming.
- It took the Department of Lottery Games and Foreign Currency and Exchange Operations as much as six months to process this request. In December 2015, they suggested the Finance Ministry, that is, the Government of Serbia, not to extend the license for ten years, but only for six months. At that moment, the license was already expiring given that six months had already passed - says the same source.

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