The Hard Rock-led consortium will offer a first glimpse on Wednesday of the new architectural design for the integrated casino-hotel complex at Elliniko.
The process for the entry of the US company with a 51% stake in the consortium that has undertaken the development of the hotel with a casino is in progress and on Wednesday Hard Rock’s chief executive Jim Allen will arrive in Athens to present the investment. GEK Terna, which is selling 51% to Hard Rock, is retaining 49% and will undertake all construction work.
Certain issues remain pending, of course. The GEK Terna consortium prevailed in the relevant tender of the Hellenic Gaming Commission with a bid of 150 million euros for the license and an offer of €1 billion for the construction of a complete hotel-casino complex, which is expected to include a luxury hotel with 3,450 beds, a conference and exhibition center of 23,700 square meters and a public gathering space with a capacity of 10,500 people.
Initially Mohegan Gaming & Entertainment participated in the consortium with a 65% stake, but then returned it to remain only as a partner with casino management experience – a role that is now passed on to Hard Rock along with the 51% stake.
The license agreement between the consortium and the Ministry of Finance has already been signed. The price of the license amounts to €150 million, while the state as well as Lamda Development will receive additional revenue annually from the economic activity of the casino.
The permit contract must be ratified by Parliament, a process expected in the coming months, followed by the building permits for works to begin. Plans provide for the inauguration of the hotel-casino complex in 2026.
The GEK Terna-Hard Rock agreement stipulates that the multinational will have corresponding financial obligations and participation in the investment.
The entry of Hard Rock allowed the final and official cancellation of the architectural plan that was presented two and a half years ago and was attempted to be launched as inspired by the Caryatids, but provoked strong reactions concerning its aesthetics etc.