Greece Extends Hellenikon Casino Bidding Period for a Month

Potential suitors for an Athens casino license have been given one more month within which they will still be able to bid for the license to build and operate a casino resort in the area. This is the third delay that the Hellenikon Casino resort project has been subjected to with the gambling commission setting the new deadline to be June 28. Previously, the interested gaming operators were required to notify the Hellenic Gaming Commission about their interested to acquire the license by May 31 – this casino-resort project was part of a much larger €8 billion integrated resort.

As it turns out, the gaming commission had plans to extend the licenses application deadline citing some zoning issues as well as pending ministerial decisions. In addition to that, some of the companies that were reportedly interested in participating in the bidding process also told the Greek gaming commission that they needed more time to review the zoning plan for the property.

What to Expect

Well, to begin with, when the winning bidder is finally selected by the gaming commission, they will be awarded a 30-year license for the developments and operation of a casino complex which will be part of a larger integrated resort. The gaming resort and the larger property will be situated at the site of the former Ellinikon International Airport near Athens – the preferred developer of the €8 billion mega-complex will be Lamda Development.

The successful bidder for the casino-resort license will be required to have experience in operating at least one gaming facility with no less than 100 table games and at least 500 slot machines. Furthermore, the company will also be expected to invest no less than €1 billion into the endeavor. The larger resort, on the other hand, will need to occupy about 620 hectares of land. It will feature a yachting marina, retail space, MICE facilities, hotels, luxury residential buildings, multiple attractions, and several dining outlets.

United States’-Based Gaming Operators Losing Interest

Unsurprisingly, the casino license caught the attention of a number of gaming companies some of the leading operators in the United States. These include such big names as Mohegan Sun, Caesars Entertainment, and Hard Rock International.

Unfortunately, some of the gaming operators are beginning to lose interest in the casino-resorts amidst all the delays. Caesars Entertainment, for instance, has apparently bowed out of the license derby. These perpetual delays seem to have impacted the interested parties in a negative way and thus not many of them have faith in the success of the project. While only Caesars has openly declared its loss of interest in the project, the three remaining bidders (Mohegan Gaming & Entertainment, Hard Rock International and Genting) are currently pressurizing the project’s leader to reduce the proposed rent on the casino resort’s building lease.