Ongoing Casino Negotiations Impeding Hellinikon Project Works

Photo Source: The Hellinikon Project

The multi-billion-euro urban development of Athens’ former airport in Hellinikon, has been deferred to the end of 2019, as more delays, setbacks and obstacles including incomplete negotiations for the establishment of a casino on the premises are leaving consortium Lamda Development in the lurch.

In response to media reports that Lamda could begin construction immediately, the company issued an announcement on Monday, clarifying that under the terms of the consortium’s agreement with the Greek government, it can only proceed once all requirements are completed.

“These statements do not take into consideration neither the general legislation nor the contractual preconditions, as they arise from the contracts between the company and the state. The development of the Hellinikon project will commence with the fulfillment of all contractual pending terms, which are a prerequisite for the transfer of the ‘Hellinikon SA’ shares from the state to the company,” Lamda Development said.

Photo Source: The Hellinikon Project

As foreseen in the state budget for 2019, the investor’s first installment (300 million euro) will be given in the fourth quarter of the following year instead of the first, as was initially planned, leading to a delay of construction on the project, which has been repeatedly dogged by delays.

According to reports, the Gaming Commission has failed to issue the relevant license which is a prerequisite for the transfer of the said shares.