Greece Casino Project Faces Another Delay

Greece has been waiting to become an attractive casino location for a while. After several months of hesitation and an election period, the country could count on swifter completion of the applicaion phase for casino project. However, one of the candidates for the future resort has made a mistake and the project has been canceled once again.

About the Recent Situation

Only two applicants for Hellinikon Casino are still waiting for the final decision - Hard Rock International and Mohegan Gaming and Entertainment (MGE). The application process has just been completed and one of the applicants failed to deliver all documents regarding the financial situation. As a result, the Greece casino project will suffer from another delay between three and six months. Everything comes after the government promise that “there would be no more delays.“

Greek news outlet, Naftemporiki, disclosed that one of the candidates submitted a letter of guarantee which was “short by four days the prescribed length.” It led to another cancellation of the Greek casino project just after several recent delays due to political issues.

Looking Back

Over the previous months, Hellenic Gaming Commission (HGC) has been pushing the application process and the entire idea of the INSPIRE project. After elections and triumph of the New Democracy Party, prime minister, Kyriakos Mitsotakis, promised economic recovery of the country.

Greece has been warned several times for its economic issues. The European Union has made tremendous pressure on the country during the bailout programs. It seems that any politician in Greece should take advantage of positive things, including casino development, to boost the economy of the country.

Expectations

A brand-new casino project in Greece will cost about $9 billion and the location of the complex will be the former Hellinikon International Airport. According to the expectations of the local company, Lamda Development, which will work on casino redevelopment, an innovative casino project will bring additional working positions and more opportunities for commercialization.

Meanwhile, Hard Rock International reveals its plan to spend about $1.1 billion on Greek casino resort and offer around 1600 permanent job positions. Mohegan Sun is, on the other hand, ready to offer the same amount and stay in the competitive position for the final award.

The last word should be given soon and the project awarded to a better candidate. Once it happens, casino operator will receive the right to operate the venue for the next 30 years. The casino venue will have permission to offer 120 table games, over 1,200 slots as well as rooms for conferences, meetings, and conventions.

Source:

“Greece casino license award to be delayed after casino screw-up“, Erik Gibbs, calvinayre.com, November 27, 2019.