ECONOMY

Financial bid for Elliniko casino due on Wednesday

financial-bid-for-elliniko-casino-due-on-wednesday

The Hellenic Gaming Commission will on Wednesday unseal the financial offer by the consortium of Mohegan and GEK Terna for the casino license at the integrated tourism and entertainment complex at Elliniko.

The opening of the bid follows the assessment of the consortium’s technical offer and was made possible following the rejection of the appeal to the Council of State by US company Hard Rock against its exclusion from running for the license.

If the regulator deems the sole financial offer sufficient, it can proclaim the consortium as the winning bidder. The minimum one-off price has been set at 30 million euros.

This process is likely to be completed by end-October, after which the contract between the state and the preferred investor will be drafted and signed so that it can be submitted for approval at the State Audit Council and then ratified by Parliament.

The emergence of a winning bidder and the conclusion of the contract for the casino is a necessary condition for the completion of the financial transaction between the state and Lamda Development for the entire project at Elliniko.