Greece’s financially struggling Club Hotel Casino Loutraki sees some light at the end of the tunnel after winning a major back-tax court fight with the Greek government.

Last week, the Tripoli Administrative Court of Appeal ruled that the Greek government was wrong to hike the Loutraki casino’s tax rate from 20% to 33% in 1996. The ruling, details of which were reported by Greek media this week, mean the casino’s new tax rate will be 22% (counting a 2% municipal contribution).

The court ruled that the tax rate would apply retroactively, meaning the casino is now eligible for a government refund of €40m to cover the years 2008-11. A separate claim covering the years 2012-15 could add a further €18m to the government’s tab, and both sums could be subject to interest payments.

All told, the Loutraki casino could be in for a €70m payday, but the government is actually getting off easy. The court deemed the tax years prior to 2008 to be ineligible, otherwise the government would be facing a €450m tab.