Greece’s former Hellinikon Airport into a multi purpose hub with metropolitan park, office, shopping malls, cultural venues, marina, aquarium, residential and sports facilities.
Te development of the 6.2m sq.m area has been undertaken by Lamda Development and is aimed at tourists and residents with notable landmarks such as the multifunctional events centre and observation tower. It is expected to attract over one million new tourists to the region. It has been designed to boost investment in Athens in the areas of tourism, culture, innovation and the environment.
Te project is the biggest Foreign Direct Investment in Greece in 10 years and one of the biggest in all of Europe. Te winner of the tender will receive near monopoly protection with a 30 year gaming licence. Meanwhile the Parnitha
Hard Rock’s project is for a 1,000 room hotel, conference centre, restaurants and other leisure
facilities. Te casino is part of the wider Hellinikon €8bn project to develop Greece’s former Hellinikon Airport into a multi purpose hub with metropolitan
park, office, shopping malls, cultural venues, marina, aquarium, residential and sports facilities. Te development is aimed at tourists and residents with
notable landmarks such as the multifunctional events centre and observation tower.
Casino Mont Parnes applied to relocate from its current home on top of Mount Parnitha to the north east suburb of Marousi by 2021. Tis was the first casino in Greece which opened in the mid 1960s and is located at the top of Mount Parnitha and is accessible by cable railway from the foot of the mountain and includes two hotels.
Te Hellinikon tender was closed in October last year and two companies had submitted offers – Mohegan Gaming and Entertainment and Hard Rock International, however, since January Mohegan is the sole bidder after the Hellenic Gaming Commission rejected the Hard Rock bid, though at the time of print, Hard Rock was due to appeal the decision. Te new IRC is due to be located on the former Athens airport site and is part of a huge resort for the Attica coast. Te airport was shut down in 2001. Tose bidding blamed the former ruling Syriza party for blocking the project over the last few years and are now threatening to sue if shut out of the tender process at the moment.
Plans for the site have been hindered for years. Originally the plan was to develop a huge urban park but thanks to Greece’s financial troubles that plan was discarded. Genting and Caesars pulled out of the mix last year and the final two left in the running including Mohegan Gaming, which partnered with Greece’s GEK Terna, and unveiled its Inspire Athens plan for a futuristic looking building to feature 120 gaming tables and 1,200 slots, conference centre, sport centre, swimming pool and luxury hotel.
Te now in doubt Hard Rock project is for a 1,000 room hotel, conference centre, restaurants and other leisure facilities. Te casino is part of the wider Hellinikon €8bn project to develop
Te casino is the only casino at the moment located in Athens and Management company Regency Entertainment says a major investment is planned for the relocation to include a luxury hotel, catering, conference centre and cultural venue. Te investment is cited as around €200m and will be carried out by the Hellenic Casino of Parnitha, a subsidiary of Regency Entertainment of which the state holds a 49 per cent share.
Regency is also investing in the upgrade of its five star Hyatt Regency Tessaloniki hotel. Tis is costing €3.5m and will see the renovation of 117 rooms and 35 suites. Te latest casino to open in Greece is Casino Florinas. Te HGC gave permission for a casino licence in the north west prefecture of Florinas which borders north Macedonia and gateway to the Prespa Lakes. Te town has the motto ‘Where Greece begins’ and has a population of around 17,500 people.
NEWSWIRE / INTERACTIVE / MARKET DATA P115
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