Construction of Greek Hellinikon Resort Could Start Soon

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December 28th, 2019
Back Construction of Greek Hellinikon Resort Could Start Soon

There has been a lot of problems with the Hellinikon Casino Project. Officials have already canceled the construction several times. However, it seems that things are changing and construction is close to the beginning. Despite that decision on casino license hasn't been made, the country looks to start with the construction in order to avoid additional delays.

According to the report of the Greek media outlet Ekathimerini, Hellenic Gaming Commission plans to organize the meeting in the week between January 10-17. The Commission further plans to discuss two submitted proposals for the future project. As a reminder, the total cost of the construction stands at 8b euros and the venue will be located at the site of former International Airport in Athens.

More About the Bidders

There are only two bidders for the Hellinikon Casino Inspire Project. It includes Hard Rock International and Mohegan Gaming Entertainment. Hard Rock made mistakes regarding the project documentation and there were some speculations that its bid will remain invalid.

The venue has already stated that it is ready for submission of the legal claim in case of exclusion from the project. Mohegan Gaming has, on the other hand, disclosed its readiness to undertake legal action if the HRI bid remains valid. As soon as problems with a license have been resolved, the Greek government should approve the project construction. Considering this atmosphere, it remains unclear whether we will have a future licensee for the Hellinikon project until summer 2020.

Construction

Join venture Lamda Development (made from Greek, Arab and Asian participants) is responsible for the creation of the project. However, it is not a possibility to start the construction plans before the license is officially issued. Consequently, the Greek government will not receive the first installment in the amount of 300m euros before Lamda Development commences with the construction.

At the moment, the Greek government has ongoing talks with Lamda and looks to secure the deal which will lead to the commencement of the construction. Hellenic Casino Project is close to becoming a national tragedy but we hope to see a recent solution.

Source:

“Greece seeks workaround for Hellinikon casino license delay“, Peter Amsel, calvinayre.com, December 23, 2019.

“the meeting in the week between January 10-17”

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