Greece will once again extend the deadline for the tender for a casino as part of the planned Hellinikon integrated resort at the site of the former Ellinikon International Airport, the country’s Development and Investments Minister Adonis Georgiadis said Monday.
The Minister further revealed that a meeting was taking place in the ministry with the aim to move the long-stalled project forward.
The Hellenic Gaming Commission launched the tender for a casino license this past February. At first operators interested to join the Hellinikon scheme had until April 22 to submit their applications. The Greek gaming regulator has since then extended the deadline several times. Currently, companies are given until July 31 to apply for a license for the development of a €1 billion casino resort as part of the larger complex.
Minister Georgiadis said Monday that their goal is to issue joint ministerial decisions for the project in August that will be followed by the casino tender. He also pointed out that the issues that have prevented the mega-scheme from moving forward for so long stemmed from “overlapping responsibilities and authorities” and that even though those issues were complex, they were optimistic that there would finally be progress.
Backed by Fosun International Ltd. of China and Eagle Hills Properties of Abu Dhabi, Greek developer Lamda Development was selected to build a luxury integrated resort at the now defunct Athens international airport.
Support from Greece’s New Prime Minister
The Hellinikon scheme is supported by Greece’s new Prime Minister Kyriakos Mitsotakis, who assumed office earlier this month. The country’s top official said recently that one of his top priorities will be to revive long-stalled projects, starting namely with Hellinikon.
Prime Minister Mitsotakis said last week that “one way or another, Hellinikon must get off the ground in 2019.” He further pointed out that Hellinikon is “the most emblematic of the big investments in the country” and will be “a symbol of the new Greece.”
The project has been valued at €8 billion and aside from a casino complex, involves the development of luxury hotels, MICE facilities, apartments, and marinas, among other things. The mega-scheme is expected to generate 75,000 jobs and inject billions into the Greek economy.
Prime Minister Mitsotakis’ conservative government was elected on a pledge to repair Greece’s complex tax system and speed up investment to enhance growth in the country’s economy that indeed needs a major boost after a protracted debt crisis.
Earlier this month, Greek construction giant GEK Terna and US gaming and hospitality company Mohegan Gaming & Entertainment revealed that they would jointly bid for the right to build the casino portion of the larger Hellinikon resort. While other major casino operators such as Caesars Entertainment Corp. and Hard Rock International were previously reported to have been interested in the Greek expansion opportunity, Mohegan was the first gaming firm to publicize its interest.
It is to be seen whether the newly elected government’s clear intention to move the project forward will attract interest from other major casino investors.
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