The first stage toward the contract for the Elliniko casino is set to be completed within the next couple of weeks with listed constructor GEK Terna as the sole shareholder. It will have Mohegan as its partner, but the US company will have no stake in the concession vehicle for the project, ”Inspire Athens.” Mohegan will only bring its experience in managing an integrated casino complex.
The Inspire Athens consortium, which set out with GEK Terna (35%) and Mohegan (65%) as its stakeholders and is now represented only by the Greek construction company, has submitted the necessary documents to sign the contract with the Gaming Commission, sources tell Kathimerini. The company is now awaiting the Gaming Commission’s approval and its invitation for the signing.
GEK Terna and Mohegan recently agreed to the creation of a new entity in which the US company will only constitute an associate providing its expertise, the same sources note.
However, the future of Inspire Athens, which has won the tender for the development and operation of Elliniko’s integrated casino complex, will probably have a new partner too, most likely in Hard Rock, if its ongoing negotiations with GEK Terna yield a result.
The above two-stage process appears to be a government proposal to avoid any further delays in the issue of the casino permit and the signing of the contracts for the 1.15-billion-euro investment to proceed. The state will then receive €150 million of that immediately.
Other sources convey that if the agreement with Hard Rock becomes possible over the next few days, the signing of the contract could take place right away by the new entity; however, it is clarified that some significant parameters remain to be determined about a Hard Rock-GEK Terna deal.
Interestingly, the word on the market is that there is also a scenario for the entry of another partner in the consortium, possibly from the investment funds sector or even the hotel industry. In any case, developments confirm that the Elliniko casino project will proceed, with GEK Terna apparently certain of investor interest, government sources argue.