Parnitha Casino Relocation to Enter Next Phase in Fall

Regency Casino Mont Parnes. Photo source: Regency Entertainment

The environmental terms of a study for the relocation of the Parnitha Casino to the northern Athens suburb of Marousi – scheduled for completion by 2021 – will go up for public consultation in the coming fall, after licensing moved to the next phase following the pre-approval of a spatial plan by Greek authorities.

A series of studies as well as a plan listing in detail all the elements, features and specifications of the investment will be examined by local government authorities with the final spatial terms approved by the Council of State before licensing is granted.

Regency Casino Mont Parnes. Photo source: Regency Entertainment

Earlier this month, the outgoing government signed a ministerial decision – delayed by 10 months – setting the terms for the minimum investment amount to be paid by the managing company Regency Entertainment.

According to media reports, the sum is expected to exceed 200 million euros  secured entirely by private shareholders – with 100 million euros a set minimum.

Meanwhile, the Greek state – as a 49 percent shareholder in the casino – will not participate in the investment.

Once the relocation is completed and the casino begins operations, it is expected to employ 2,000 people and hand over 2 percent of turnover to the municipal authority.

According to reports, the casino will be erected on a  55,000m2 property in Marousi owned by the Laskaridis family and located on the junction of Kifissias and Spyrou Loui avenues. According to the terms of the agreement, 50 percent of the land will be converted into a park and recreational area while 10,000m2 have been allocated for a 1,000-space parking area.

Photo source: Regency Entertainment

Besides the casino, the said property will also include a luxury hotel, a conference center and an event venue.

The main casino building will be constructed according to environmental standards.

Meanwhile, once the relocation to Marousi is completed, the Parnitha facility will return to the state. According to Naftemporiki, managing company Regency Entertainment is bound by the deal to finance the regeneration of the area as well as its landscaping with a budget of 5 million euros as well as pay a sum of 1.5 million euros per year for five years for the protection of the Parnitha National Park and the maintenance of the cable car.