Greek construction giant, GEK TERNA SA announced on Thursday that the Greek government and the Hellinikon consortium had signed a Concession Agreement for the operating license of the casino company in the city of Elliniko.
Representing Greece with his signature was Finance Minister, Christos Staikouras. In addition to casino operations, the agreement authorizes a wide range of other activities such as the construction of a hotel, exhibition and conference center, and a venue for sporting and cultural events.
The agreement was a long time coming as the project has struggled in the past, first with a competition between Hard Rock and Mohegan Sun developers, two towering casino developers that started out as simple tribal enterprises on the American gambling landscape.
The consortium INSPIRE ATHENS Mohegan/GEK TERNA earlier won the tender from the Committee for the Supervision and Control of Gambling with Hard Rock coming up short. Soon after, Mohegan announced they would be pulling out of the deal, and rumors circulated that Hard Rock would become the operator with a majority share in the project.
Constructor Announces Agreement Signed with Mr Finance
With about a half dozen reports of the agreement including a published announcement by GEK TERNA (see .PDF here), the Greek news outlet ypodomes.com with a focus on infrastructure, urban development, and energy provides the most details including a claim that Hard Rock intends to enter the consortium with a share of 51%.
Two major milestones await the group on their path to opening the doors on the billion-euro development – those will be ratification by the Parliament and the tendering of a casino license by the Hellenic Gaming Commission (EEEP) and the Ministry of Finance.
Along the way, according to the report, GEK TERNA will move along into a new investment scheme including Hard Rock – this would be Hard Rock’s first investment in a European casino. The article speculates that in a matter of days a request may be made of the Ministry of Finance to expand the consortium to include Hard Rock.
Massive Development on Athenian Riviera
YpoDomes mentions the sheer scale of the casino project in Elliniko and compares the investment size to that which was needed to construct line 4 of the Athen Metro or the main line of the Thessaloniki Metro – an entirely driverless and remote-controlled underground rapid-transit system in Greece’s second-largest city expected to become operational next year.
Construction on the casino resort is expected to start sometime in 2023 but like the Thessaloniki, Metro delays could occur due to archeological finds in the area. All studies and permitting need to be completed before shovels hit the dirt.
It is reported that according to sources close to the matter, a more conservative architectural design will be executed than what we have seen worked up in the past. The new design will fit the requirements of fitting into the surroundings and being a bioclimatic structure all in all.
The project, which is expected to take at least 36 months to complete, will be the largest independent building project ever seen in Greece. That timeline should put it in synch with the completion of the rest of the Ellinikon Commercial Hub on the “Athenian Riviera” which will also see a residential tower and the Marina Tower.
Source: The Ellinikon: the new contract for the Integrated Resort Casino has been signed – Construction to commence in 2023, Ypodomes Newsroom, June 8, 2022