New delay in Athens Hellenikon casino project license award
An end-of-November deadline to reveal the winner of a bid for a casino crucial to the 8-billion-euro ($8.81 billion) development of the abandoned Hellenikon International Airport will be missed because one of the two companies seeking the license left out some important data in financial data given regulators.
It wasn’t reported who it was as the battle has come down to two U.S. gaming giants, Connecticut’s Mohegan or Florida’s Hard Rock, who have squared off for months trying to win the lucrative award.
Greek media reports said the foul-up could push back naming the winner by up to six months, a further setback for Prime Minister and New Democracy leader Kyriakos Mitsotakis’ promise to start construction on the project by the end of the year under the Greek company Lamda.
With the problem a mystery under wraps, Hard Rock Café threatened “mass appeals” if the group is knocked out of the tender because of the foul-up, as is Mohegan, setting up a bureaucratic and possible legal nightmare for the new Greek government for which Hellenikon is a benchmark.
The project is the biggest Foreign Direct Investment in Greece in 10 years and one of the biggest in all of Europe, after plans to make the site the largest urban park was scrapped because of Greece’s long-running economic crisis.
The Hellenic Gaming Commission (HGC), which put the project out to public tender, is sticking to the letter of the law, said Kathimerini, with New Democracy – while wanting to accelerate the project – saying it would check off all the boxes first.
After consulting with legal advisers on each bid, the special committee set up by the Hellenic Gaming Commission (HGG) to conduct the invitation to tender is now calling the candidates for evaluation in order to report back on what is the best-combined offer.
Sources who weren’t named told the paper that it doesn’t look good for Hard Rock, its representative Michael Karloutsos claiming while it trusted the HGG committee that it would go to court if it felt cheated.
He told The National Herald that while he doesn’t question the integrity of the committee or commission, the company reserves its legal rights, adding, “I question why have there been so many false leaks since day one of this process? It has been nonstop gossip and innuendo from before the beginning, which of course should trouble all of us…leaks undermine the process and ultimately undermine the institution itself.”
The development was stymied for 4 ½-years under the former ruling anti-business Radical Left SYRIZA which had elements that didn’t want foreign companies operating in Greece although then-premier Alexis Tsipras said he was pursuing them.
That delay led Las Vegas’ Caesars Entertainment and Genting Malaysia to drop out with the site sitting abandoned since the airport was closed in 2001, and original plans to make it Europe’s biggest urban park changed to commercial use during a near-decade-long economic and austerity crisis.
Greek regulators had been speeding various approvals needed to get the development going, including planning and zoning okays but the casino is central to the scheme to make the area a mix of high-end residences, businesses, and a marina for yachts and boats.
Hard Rock has said it would spend about $1.1 billion to build the gaming property, creating 3,000 construction jobs and 1,600 permanent positions and said it could begin operating within 20 to 26 months after breaking ground.
The winning bidder will receive near-monopoly protection, with a 30-year gaming license with Greek regulators requiring that the integrated resort feature convention venues and at least 1,200 slot machines and 120 table games, said Kathimerini.
The business newspaper Naftemporiki said reports claimed that the missing data included a letter of guarantee in the offer dossier that is short by four days of the prescribed length.
A 300-million-euro ($330.21 million) down payment from Lamda is due to the state once the concession contract is concluded by authorities overseeing the award.
Hard Rock and Mohegan submitted their bids at the Oct. 4 deadline with Reuters then reporting that the winner will build a casino of at least 1.2 hectares (2.96 acres), with at least 120 gaming tables and 1,200 slot machines, as well as a luxury hotel, conference center, and a sports center.
The land area is currently a mess of abandoned weeds on crumbling concrete tarmacs, decrepit buildings, and rusting aircraft, sitting unused for 18 years, after the opening of the new airport northeast of Greece’s capital.
Read more at thenationalherald.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Ralf Roletschek
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
14/03 23:43
President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava
14/03 22:58
American Express report highlights Global Travel Trends during 2024
14/03 22:52
Four hospitals in Attica Region already organizing afternoon surgical procedures
14/03 22:49
US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki
14/03 22:43
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos
14/03 19:32
No new intubations for Covid-19 recorded in Greece for the first time
14/03 18:36
Extra road safety measures adopted for Greek pre-lent carnival and Clean Monday
14/03 14:48
14/03 12:54
Electric buses to be deployed on the streets of Athens and Thessaloniki by May
13/03 22:23
13/03 20:11
Prices of basic lenten products either lower or equal to last year's in Greece
13/03 19:15
US Ambassador to Athens: Greece secures NATO readiness via Alexandroupolis
13/03 17:19
13/03 12:26
Greece shows new costumes for revamped Olympic Flame-lighting ceremony
12/03 22:46
Epirotes Society of Philadelphia ‘Omonia’ organized 16th Annual ‘Tsipourovradia’
12/03 21:38
The President of the Hellenic Republic to visit Slovakia on March 13-15
12/03 20:29
First afternoon surgeries in Greece kick off at Papageorgiou Hospital in Thessaloniki
11/03 23:58
Greek Foreign Minister: We stand behind Montenegro's European perspective
11/03 23:47
Visa Express for Turkish citizens to commence on five Greek islands in March
11/03 19:40
11/03 18:49
Microsoft Data Center construction kicks off in Spata next to Athens Airport
11/03 17:53
Dodecanese Federation marked 76th Anniversary of Unification with Greece
09/03 22:23
08/03 14:27
Prime Minister: Radical change in Greek education and a brave reform for growth
08/03 14:24
Traffic restrictions expected in Athens mid-morning to evening on Friday due to protests
08/03 14:24
Applications to out-of-court settlement more than doubled in Greece in February
08/03 13:18
Metro station 'Maniatika' near Piraeus Port to be closed on Saturday and Sunday
07/03 14:12
Athens wins World Travel Award 2024 as the top city-break destination in Europe
06/03 22:51
WTTC data show Greece and Portugal lead league for growth in tourist arrivals
06/03 20:28
Greek Tourism Minister at ITB: 2024 will be another excellent year for sector
06/03 19:47
Greek Foreign Minister to meet UAE Minister of Industry and Technology on Friday
06/03 18:43
European Union actions of 274m euros to support cultural heritage in Greece
06/03 16:37
'Odontotos' rack railway temporarily stopped until landslides issue is resolved
06/03 14:40
Minister: Bringing about the return of Greeks abroad 'a moral duty'
05/03 14:28
Archdiocese of America Eparchial Synod to meet on March 14-17 in Florida
05/03 14:21
05/03 14:11
ITB BERLIN 2024 opens with excellent bookings after global rise in travel in 2023
05/03 12:24
Greek PM at Athens supermarket: Consumers 'can already see lower prices on the shelf'
04/03 22:02
Greek Health Minister: Afternoon surgeries at state hospitals to begin shortly
04/03 21:47
Holy Cross Greek Orthodox Whitestone Community marks 49th Anniversary
04/03 20:27
Labor chief: Greece to train 500,000 workers in digital, green skills by 2025
04/03 19:44
Foreign Ministry to organize event on 'Women, Peace, and Security' on Friday
04/03 15:12
Athens Riviera | The summer experience with Athens as a background
29/02 22:54
Consumers to see price cuts up to 18.1% in 3,000 Greek supermarket products as of Friday
29/02 21:44
Greece and Germany set up Working Group on shipping cooperation
29/02 21:30
Wyndham Rewards’ Member Month offers 5 weeks of deals, discounts, and bonus points
29/02 21:03
Temple of Poseidon at Sounion near Athens to get new lighting system
29/02 21:02
29/02 20:47
Greece is represented by 60 firms at GULFOOD 2024 exhibition
29/02 19:58
Greek government gives 1+1 month extension for cash register-integrated POS terminals
29/02 19:49
Archangel Michael Church Dance Program shines at Folk Dance Festival in SF
29/02 15:39
'Renovate-rent' programme to be launched, Minister tells Greek Parliament
29/02 12:39
Rio-Antirrio ferry line in central Greece closed due to strong winds
28/02 21:34
Weather with heavy rain and storms in Greece as of Sunday night
28/02 17:31
CEO: The goal is for PPC to become a leading player in Southeast Europe
28/02 17:04
New Wyndham Hotels Market Managing Director of Central and Eastern Europe
28/02 12:21
Minister: Transactions with the Greek State will be further simplified in 2024
28/02 11:57
27/02 17:25
UN Tourism hails Saudi Arabia's historic milestone of 100 million tourists
27/02 15:00
Greek Prime Minister: Relations with Armenia can become even more productive
27/02 14:26
Wyndham: New growth cycle in Greece for the largest hotel chain franchise in the world
27/02 13:15
Price cuts of up to 15% in important product categories in Greece after March 1
27/02 12:46
Athens taxi drivers' protest rally in progress from Athinon avenue to Messogion
26/02 18:30
Annual Summit of Women Political Leaders (WPL) to be held in Athens in April
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
IPTO announces framework agreement tender for undersea power cables in Greece
IOBE: Construction sector in Greece records robust growth and good prospects
Ancient Messene to get upgraded visitors' facilities after approval by Council
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
PM at Economic Club of Canada: Greece is an attractive investment destination
New requirements for 'Golden Visa' program to kick in on March 31
Greek State budget primary balance reaches a surplus of 3,378 million euros
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
AEGEAN concludes transfer of stake in Animawings to Memento Group
EXPOTROF-The Greek Fine Food Exhibition opens near Athens on Saturday
Price cuts of up to 15% in important product categories in Greece after March 1
Greek supermarkets record rise in value and decline in volume of FMCG sales
Parnithos Avenue closed down to traffic from the cable car area due to snow
Greek Tourism Minister in Belgrade for International Exhibition
EU forecasts Greece 2024 growth at 2.3%, Eurozone’s fourth-highest rate
Athens streets reopen after private university protest rally and minor incidents
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
Deputy Foreign Minister for Economic Diplomacy on business missions agenda
Greek Prime Minister on official visit to India as of Wednesday
Weather with heavy rain and storms in Greece as of Sunday night
Greek Prime Minister to meet Bulgarian counterpart at Maximos Mansion