Decision announced
The Hellenic Gaming Commission (HBC) has announced that the license to operate gaming at the Hellinikon integrated resort casino has been awarded to Mohegan Gaming and GEK Terna SA.
This means that Hard Rock International (HRI) now has a 10-day deadline to appeal the decision. HRI can also take this issue to the Council of State.
Hard Rock International (HRI) now has a 10-day deadline to appeal the decision
The ambitious project has been subject to numerous delays in recent years. However, authorities in Greece hope that development can now begin after finalizing the operating license. When development gets underway, it will be the biggest urban development project in Europe.?
Mohegan Gaming CEO Mario Kontomerkos spoke about the benefits that the project will bring to the local area. He said: “It is our hope that INSPIRE Athens would be the catalyst that sparks the entire development of the Hellenikon area into the coveted Athenian Riviera, forever redefining the modern identity of Greece.”
Ambitious project
No indication has been given as to how much money Mohegan and its local partner will be contributing to this project. The other bidder, HRI, had put forth a $1.1bn investment plan.
Construction plans
Much of the design for this integrated resort will be inspired by Greek architectural history. This includes the likes of the Caryatids and the Acropolis.
The project developer is Lamda Development. It is happy that most of the issues that had been up in the air have now been resolved. It plans to start development as soon as the final few issues have been sorted out.?
Working strategically with Lamda Development to complete this increase was Aegean Airlines. The European Bank for Reconstruction and Development also helped in return for an equity stake in the construction firm of 1.8%.
Big boost for Greece
According to Lamda Development CEO Odysseas Athanasiou, Greece’s GDP will increase by 2% once this resort is up and running.
Most of the work is expected to be completed within the first five years. This includes a marina, the biggest shopping center in Greece, a breach, hotels, more than 800 apartments, and the casino.?
Greece’s GDP will increase by 2% once this resort is up and running
Potential backlash
Rumors that HRI would not be the recipient of the casino resort license surfaced last week. This led to an advisor for the company in Greece saying that the company would fight such a decision if it was made official.?
Doubts were raised about the capabilities of HRI to carry out this project. There was also an issue where an important document was not submitted to the authorities until a few days after a key deadline.