Another delay hits the Hellinikon casino resort project, Greek regulator extends deadline for license applications to end of June
Greece has extended the deadline for submitting applications for a license for the development and operation of a casino resort near Athens to June 28, Reuters reported. Interested bidders previously had until May 31 to notify the Hellenic Gaming Commission about their interest to run a casino complex as part of a larger, €8 billion, integrated resort.
The Greek gaming regulator said on Monday that that previous deadline would be extended to June 28, but did not disclose the reason behind its decision.
Casino News Daily reported earlier this month citing information from local news outlet Kathimerini that the commission could extend the license application deadline due to zoning issues and pending ministerial decisions. It also became known that companies interested to participate in the bidding process have told the Greek gaming commission that they needed time to review the zoning plan for the property.
This is the third deadline extension for companies to submit their bids for the casino portion of the larger integrated resort scheme. The Hellenic Gaming Commission finally launched the bidding process in February after multiple previous delays. The regulator set an April 22 deadline, but then pushed it back to May 31.
Hellinikon
When the winning bidder is finally selected they will be granted a 30-year license for the development and operation of a casino complex that, as mentioned earlier, will be part of a larger integrated resort.
The larger property, along with its gaming resort, will be located at the site of the former Ellinikon International Airport near Athens. Greek real estate firm Lamda Development has been selected as the preferred developer of the €8 billion mega-complex.
The redevelopment of the former airport into Hellenikon, as the project is dubbed, is part of Greece’s privatization program under its third bailout.
It is believed that the casino portion of the resort has attracted the attention of major gaming and hospitality companies such as Hard Rock International, Mohegan Gaming & Entertainment, and Genting Group. Las Vegas casino giant Caesars Entertainment Corp. is too believed to have expressed interest in participating in the mega-resort scheme, but may now reportedly be losing interest due to the multiple delays hampering the project’s progress.
A successful bidder for the casino license will be expected to possess experience in operating a facility with no fewer than 100 table games and no fewer than 500 slot machines. The company that will be granted the license will also have to invest at least €1 billion into the endeavor.
As for the larger resort, it will occupy around 620 hectares of land and will feature luxury residence buildings, hotels, a yachting marina, retail space, MICE facilities, dining outlets, and multiple attractions, among others.
While it is still unknown when the resort will be launched, it will certainly face heavy regional competition from Melco Resorts & Entertainment’s City of Dreams Mediterranean, a €550 million integrated resort currently under development in the Republic of Cyprus. Construction on the property commenced in April and the luxury complex is expected to open doors in 2021.
City of Dreams and Hellenikon will compete for pretty much the same clientele – wealthy gamblers from the Middle East and East Asia.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.
