The project for the development of a luxury integrated resort and a casino complex at the site of Athens’ former international airport has just taken a big step forward after years of delays.
The Greek government signed earlier this week two of the four ministerial decisions that need to be cleared in order for the €8 billion Hellinikon mega-scheme to finally be able to move forward.
Local news outlet Kathimerini reported Wednesday that Greek ministers this week signed two decisions, with those stipulating the conditions under which the tender for the development of a €1 billion casino as part of the larger Hellinikon complex shall be carried out. The set of conditions gives interested developers until September 30 to submit their binding offers.
Last week, Florida-based gaming and hospitality company Hard Rock International presented its binding offer at a press event held in the Athens. The company’s CEO, Jim Allen, told Greek media that his company plans to create a €1 billion “pan-European entertainment and hospitality hub in Athens” to celebrate Greek capital’s rich heritage as an international city.
Construction is projected to take between 20-26 months and to generate 3,000 jobs. When it opens doors, the complex will create 1,600 permanent jobs.
Mohegan Gaming & Entertainment, another US tribal gambling entity, has too expressed interest in bidding for the right to develop and operate the casino portion of the Hellinikon resort. The company has teamed up with Greek construction giant GEK Terna to jointly bid for a casino license.
Almost There
Aside from the two recently approved ministerial decisions, the Greek government will have to sign two more in order for the Hellinikon scheme to finally be able to move forward. The two other decisions are concerned with urban planning and zoning regulations. They are expected to be signed by next week.
Greek Development Minister Adonis Georgiadis told Kathimerini that the ministerial approvals clear the way for the casino tender to take place “on schedule and without further postponements.”
The Greek government has selected local real estate developer Lamda Development to transform the abandoned Ellinikon International Airport into a luxury complex that will feature residences, multiple hotels, MICE facilities, high-end shopping experience, diverse food and beverage facilities, attractions, a yachting marina, and a casino resort.
The whole project is estimated at €8 billion and is backed by Chinese and Gulf investors. The privatization and redevelopment of the defunct airport is part of Greece’s third bailout package. The mega-scheme, along with other major project, has been delayed for years due to heavy bureaucracy and the government continuously failing to sign the required ministerial decisions.
The Hellenic Gaming Commission finally launched this past February the casino tender that needs to be completed before the whole project moves forward. Interested casino operators originally had until April 22 to submit their offers. However, that initial deadline has been extended four times since then.
Prior to being elected in July’s snap election, Greece’s new Prime Minister Kyriakos Mitsotakis promised that he would make sure his administration would immediately proceed with the Hellinikon project. While the country’s new top official failed to deliver on that promise as the deadline for submitting casino offers was extended from end of July to end of September after he took over, it should be noted that this week’s approval of the two ministerial decisions was a big step toward the eventual launch of the multi-billion scheme.
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