At least two major casino and hospitality companies have lost interest in the long-stalled Hellinikon integrated resort project, according to Greek media.
Stepping in as the new Prime Minister of Greece, Kyriakos Mitsotakis promised that he has made it his priority to finally set into motion the €8 billion project for the redevelopment of former Ellinikon International Airport into a luxury resort.
However, it has recently become known that the deadline for the casino tender has been extended for a fourth time this year and the project is not likely to make any significant progress until late in 2019.
Las Vegas casino giant Caesars Entertainment Corp., which is in the middle of a $17.3 billion merger with rival Eldorado Resorts, and Malaysian gaming and hospitality powerhouse Genting Group were among the companies to express interest in developing a casino complex as part of the larger integrated resort at the former airport. However, due to the multiple delays of the project, dubbed Hellinikon, the two companies are reportedly losing interest in participating in the mega-scheme.
The Hellenic Gaming Commission launched the tender for the casino this past February. The tender is an important step that needs to be completed before the Hellinikon plan can move any further.
Bureaucracy Hampers the Project
Hellinikon has hit a number of roadblocks in the past four and a half years and unstated bureaucratic issues have always been cited as the reason for the multiple delays hampering the actual start of the project.
Unstated bureaucratic issues are also said to have prevented Prime Minister Mitsotakis from delivering on his promise to get the project going during his first week in office.
According to reports by local news outlets, the Greek Ministry of Development and Investment is currently discussing a series of joint ministerial decisions regarding the special requirements for the integrated resort as well as development zones and spatial planning requirements.
Greek Development Minister Adonis Georgiadis said that they are on track with completing the necessary procedures.
After the latest extension of the casino tender, interested developers now have up to September 30 to submit their bids. Minister Georgiadis said that September 30 would be the closing date of the competition and that there would not be any more extensions of the deadline.
Hard Rock and Mohegan Gaming & Entertainment Still In the Race
While Caesars and Genting might be losing interest in developing a €1 billion casino as part of the €8 billion Hellinikon resort, other two major companies are believed to still be interested in the opportunity to expand to Greece.
Greek media outlets report that representatives from Hard Rock International and Mohegan Gaming & Entertainment were in Athens last week where they met with Minister Georgiadis to confirm their intention to bid for the casino license.
Mohegan partnered last month with Greek construction giant GEK Terna to jointly participate in the bidding process, while Hard Rock is understood to have joined forces with Intrakat and that the latter would tend to the construction needs of the gaming and hospitality giant if it wins the casino tender.
This is not the first time Hard Rock has expressed interest in building a casino in the region. Back in 2016, the company’s joint bid with Hong Kong-listed resort operator Melco Resorts & Entertainment won the race for the development of the first integrated casino resort in the Republic of Cyprus. However, Hard Rock quit the project the following year, citing its intention to pursue other investment opportunities as the reason for its decision.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories
