Mohegan Gaming wins casino licence in Greece
US Tribal operators to build a casino resort at ex Hellenikon Airport in Athens
The gaming unit of the tribe, based in Connecticut, on Monday was awarded the lone casino license by the Hellenic Gaming Commission (HGC). Mohegan has created a consortium with Greek construction firm GEK TERNA.
Project plans for the resort, to be known as INSPIRE Athens, call for a luxury hotel, several entertainment venues, a convention center, retail shopping, numerous restaurants and a casino.
“We understood that INSPIRE Athens was meant to symbolize more than an integrated resort,” explained Mohegan Gaming CEO Mario Kontomerkos. “It is our hope that INSPIRE Athens would be the catalyst that sparks the entire development of the Hellenikon area into the coveted Athenian Riviera, forever redefining the modern identity of Greece.”
Mohegan and GEK TERNA did not unveil what sort of investment cost INSPIRE Athens would entail.
The other bid for the Hellenikon integrated resort came from Hard Rock International, owned by the Seminole Tribe in Florida, with a US$1.1 billion project., Reports indicate that the HRI bid rejection by the Greek gaming regulators was considered bizarre by the losing party but the HGC said the tender documents did not show sufficient construction experience or the ability to meet financing criteria. Hard Rock can now appeal the licensing decision and if the appeal process is accepted it would go before an arbitration authority.
The casino operation in Athens is expected to offer gaming space with at least 120 table games and 1,200 table slot machines, as part of a bigger luxury entertainment and real estate complex of a planned destination from Lamda Development, the Greek real estate developer, which is investing around US$8.9 billion on the urban integrated development.
Along with the casino resort, Lamda has revealed that the new Hellenikon will feature “landmark buildings” and “state-of-the-art infrastructure,” that includes residential communities, hotels, shopping centres, family entertainment venues, museums, cultural venues, health and wellness centres, sports and recreation, business space, and schools.
Lamda says it is the largest urban regeneration in Europe and is expected to greatly assist in Greece’s economic recovery. Lamda acquired the airport land from the Greek government in 2014. Investors in the development include Chinese conglomerate Fosun Group, Abu Dhabi’s Eagle Hills, and Latsis Group – parent company to Lamda.
