A concession agreement signed by Greece’s Finance Ministry with Gek Terna and its consortium of companies has paved the way for an €1.1-billion (US$1.17 billion) integrated resort (IR) at Ellinikon, near Athens.
Finance Minister Christos Staikouras signed the 30-year concession giving Athens IRC the right to develop and operate the Inspire Athens casino resort at the site of the former international airport. That includes a 5-star hotel with 3,450 rooms, conference center and exhibition hall and a sport event complex with a capacity for 10,500. It will also have retail shopping and dining.
Athens IRC originally included Mohegan Gaming & Entertainment (MGE) and Greek-based Gek Terna. MGE withdrew from the project and left Gek Terna holding the bag. Due to the fact that MGE had controlled 65 percent of the project, Gek Terna was forced to buy and then appoint a new board of directors.
Gek Terna is partnering with Hard Rock International to manage the casino, with Hard Rock reportedly taking a 51 percent share.
Once the IR’s plans are approved, construction is expected to take about 36 months to complete.
The Inspire IR is expected to generate thousands of jobs, give a boost to Athens tourism and pay the government a 10 percent cut of profits.
Gek Terna CEO and Chairman George Peristeris said the project would create a “tourist and entertainment development project,” and “strengthen Athens’s place on the international tourism map.”
