Hard Rock International last week was denied in an appeal to overturn the rejection of its bid to build an integrated resort at Greece’s former Hellinikon International Airport by Greece’s highest administrative court. This leaves Mohegan Gaming & Entertainment (MGE) as the only bid left standing.
Hard Rock claimed the concern about its financing was ludicrous and also cited major problems with Mohegan’s Greek partner GEK Terna, the country’s largest contractor.
Company spokesman Michael Karloutsos told the National Herald, “Hard Rock International will ultimately win the competition for Hellenikon.” He said Hard Rock “is the only contender with a recognizable global brand and a worldwide network with staying power that can attract much needed additional tourists to Greece. Covid-19 might have something to say about the timing of this going forward, but I assure you that Hard Rock International is prepared to present our case and ultimately win either way, whether it is here in the Greek Supreme Administrative Court or the European Court.”
Hard Rock planned to invest $1.1 billion in the project, developing an integrated resort with hotels, meeting and convention space, dining venues and a gaming area with at least 1,200 slot machines and 120 table games. MGE’s bid hasn’t been revealed, reported Casino.org.
But those arguments were rejected and despite the economic impact of the coronavirus to its balance sheet, Mohegan Gaming & Entertainment (MGE) has reiterated its commitment to building the casino, called Inspire, part of an $8.74 billion redevelopment project at the airport, located on the Athenian Riviera.
“Mohegan Gaming Entertainment is fully committed to turning Greece into a top destination for entertainment and business conferences in Europe,” CEO Mario Kontomerkos said, “despite the unprecedented impact of the pandemic on the gaming sector.”
As of last week, Greece had reported 2,626 cases of Covid-19 and 144 deaths, far fewer than in many other European countries. But the nation, which has struggled to come back from a 10-year financial crisis that wiped out a quarter of its economic output, fears the pandemic will ravage this year’s tourism revenue, essential to its economy. The Greek economy is expected to contract by up to 10 percent this year.
Inspire Athens and the entire airport complex could provide a lifeline once tourism rebounds. It’s expected to attract hundreds of thousands of tourists per year and generate more than 7,000 jobs.
