Caesars is first at bat
The Hellenic Gaming Commission has invited gaming operators to bid on an integrated resort license at the site of the former Hellinikon International Airport.
According to a statement from the commission, a Hellinikon casino would “go beyond the licensing of just another gaming facility. This present call 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 the Hellinikon, a project destined to transform the wider area of Athens and improve the lives of millions of residents and visitors to our capital city, enhance the Greek tourism product and become a growth engine for the Greek economy,” the statement continued.
Casino News Daily reported that officials are looking for a large-scale resort representing an investment of €8 billion (US$9.1 million). It would be the nation’s biggest coastal resort and the first integrated casino resort in Europe. The plan for a casino complex at the former airport was approved in February by the Greek Council of State. The project has faced several delays over the past few years, sparking heated disputes between its proponents and environmentalists and archaeologists. Greek authorities are now aiming at finding a casino operator by the end of the year so that construction work can finally start in early 2019.
Public comment about the investment will run through September 10. Then the license, with a 30-year term, will be up for grabs. The resort will span 600 hectares (1,483 acres) and include hotels, residential towers, convention facilities, an entertainment venue, theme parks, luxury retail and dining outlets, plus a casino. The casino will cover 15,000 square meters (161,450 square feet), with a gaming floor planned to cover around 8,000 square meters (86,000 square feet).
Las Vegas gaming giant Caesars Entertainment has signaled its interest, but no other bidders have yet been identified.
The Hellinikon IRC Project is “a landmark opportunity in the as-yet underpenetrated European market, occupying a designated prime location within the Hellinikon, the Kosmas Metropolitan Area on the site of the Athens former international airport and the adjacent coastal front at the core of the area known as the Athens Riviera.” It said the Greek government is “fully supportive” of the plan and expects it will have “a significant positive impact on the country’s economy.”
In a statement on the project, the Hellenic Gaming Commission said the development “reflects the collective vision and commitment to collaborate on the further development and implementation of a sustainable tourism destination” and predicts it will “transform the wider area of Athens and improve the lives of millions of residents and visitors of our capital city, enhance the Greek tourism product and become a growth engine for the Greek economy.”
