Bidding for Greece’s Hellinikon Casino Opens

The Hellinikon project.

The Hellenic Gaming Commission has finally announced a tender for a casino license slated to run at Hellinikon, an eight-billion-euro project to develop Athens’ former airport complex into a multi-purpose hub complete with metropolitan park, shops, offices, sports and conference facilities, luxury hotels, theme parks, museums, malls, cultural venues, health centers, educational and research facilities and marina.

The announcement was published on Friday, in the EUR-Lex Official Journal of the European Union and lays out the terms of the concession.

The winning bidder will retain the right to develop and operate the Integrated Resort Casino-IRC for a period of 30 years. The casino, Europe’s first integrated casino resort and the first Hellinikon investment, will include gaming-integrated hotels, convention facilities, entertainment shows, theme parks, luxury retail and fine dining, and is set to occupy approximately 15,000m2 space on the Hellinikon premises.

Interested parties will have 60 days to submit their applications for the only gaming license to be awarded and must have a minimum equity capital of at least 200 million euros over the last three years, and annual revenue of at least 400 million euros for the same period. Investment companies must hold funds of over 400 million euros in the same period.

The Hellinikon project. Photo Source: thehellinikon.com

Last summer, the Hellenic Gaming Commission invited interested parties to submit comments and proposals ahead of the tender.

Meanwhile, initial reports had US-based gaming giant Caesars Entertainment Corporation interested in the creation of a massive entertainment complex at Hellinikon. Others included Hard Rock International, Mohegan Sun, Groupe Barriere, and Genting Singapore which participated in the consultation period.