BUSINESS

Greece opens consultations over Elliniko plot’s casino

VANGELIS MANDRAVELIS

TAGS: Privatizations, Property

The Hellenic Gaming Commission (HGC), the body responsible for granting new casino operating licenses, announced on Thursday that it is starting consultations for the approval of a casino permit at Elliniko – Attica’s biggest development project – opening the way for the tender to find an investor for the project.

Property developer Lamda signed a 99-year lease with the state in 2014 to convert 620 hectares at the former airport in Elliniko, southern Athens, into an integrated resort of luxury residences, hotels, a yachting marina and casinos.

The HGC has invited interested parties to participate in the consultation by submitting their feedback and comments on the initial teaser by September 10.

The commission said the decision on the so-called Integrated Resort Casino (IRC) in Elliniko is not just about the licensing of a gaming facility but “reflects the collective vision and commitment to collaborate on the further development and implementation of a sustainable tourism destination.”

The HGC envisages a “world-class integrated resort casino operation as an important part of Elliniko, a project destined to transform the wider area of Athens and improve the lives of millions of residents of and visitors to our capital city, as well as to enhance the Greek tourism product and become a growth engine for the Greek economy.”

The submission of comments during consultation may also reveal the investors interested in participating in the eventual tender, which should be expected before the beginning of October, as time is running out to complete the process.

The IRC will be built over more than 600,000 square meters and include a mix of hotels, convention and exhibition facilities, themed attractions, entertainment, a 15,000 sq.m. casino, shops, gourmet restaurants, and other tourist attractions.

Elliniko is a landmark urban development project that is expected to create 10,000 jobs during the construction period and 75,000 jobs afterward.

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