The project’s latest setback
Plans for the Hellinikon integrated resort have hit another hitch as the two remaining casino license applicants are considering suing the Greek authorities.
the latest in a series of delays to the project
Following the latest in a series of delays to the project, Hard Rock International is threatening to file “mass appeals” if it is not awarded the casino license. The other contender, Mohegan Gaming & Entertainment, has also warned it will sue the Greek authorities if Hard Rock wins the bid.
Sticking firmly to the application rules
The Hellenic Gaming Commission closed the license application process on October 4 and planned to announce the successful bidder by the end of November.
one of the two firms had not submitted certain required documentation
However, last week, the authorities disclosed that one of the two firms had not submitted certain required documentation when applying for the casino license. As a result, the commission has informed that its final decision might not be made for another four to six months.
In addition to the Hellinikon casino project being held up, the development of the entire resort cannot begin until the license is granted to one of the bidding parties.
Candidates looking to invest €1bn+
The license bid for the Hellinikon integrated resort saw a number of other global casino companies pull out of the race due to numerous delays and extension deadlines.
The two remaining candidates are now planning to invest more than €1bn ($1.1bn) into the project. They have both been in the casino sector for many years and boast a track record of success.
Special committee to discuss the next stage
A special committee appointed by the Hellenic Gaming Commission has met with legal advisors to discuss the options that are on the table. The committee is expected to call both candidates for evaluation.
The Greek government is closely monitoring what is set to be the largest foreign direct investment in the country over the past decade. It hopes this new resort will be a new beacon for the entertainment and tourism sector in Greece.
The entire Hellinikon project will cost €8bn ($8.82bn) to develop, with the casino side of things set to incur expenses of €1bn ($1.1bn).