Greece has been waiting to become a promising casino location for a while. After a couple of months of hesitation and an election period, the country could rely on swifter completion of the application phase for casino project. Whereas, one of the candidates for the future resort has made a mistake and the project has been canceled once again.
About the late Situation
Only two applicants for Hellinikon Casino are still waiting for the last decision – Hard Rock International and Mohegan Gaming and Entertainment (MGE). The application process has just been finished and one of the applicants was not able to transfer all documents concerning the monetary situation. As a result, the Greece casino project will suffer from firther delay between three and six months. Everything comes after the government promise that “there would be no more delays.“
Greek news outlet, Naftemporiki, disclosed that one of the candidates submitted a letter of guarantee which was “short by four days the prescribed length.” It led to another cancellation of the Greek casino project just after several recent delays due to political issues.
Over the previous months, Hellenic Gaming Commission (HGC) has been pushing the application process and the entire idea of the INSPIRE project. After elections and triumph of the New Democracy Party, prime minister, Kyriakos Mitsotakis, promised economic recovery of the country.
Greece has been warned several times for its economic issues. The European Union has made tremendous pressure on the country during the bailout programs. It seems that any politician in Greece should take advantage of positive things, including casino development, to boost the economy of the country.
“the project has been canceled once again”
A brand-new casino project in Greece will cost about $9 billion and the location of the complex will be the former Hellinikon International Airport. In accordance with the expectations of the local company, Lamda Development, which will work on casino reestablishment, an inventive casino project will bring additional working positions and more chances for commercialization.
In the meantime, Hard Rock International divulges its plan to spend about $1.1 billion on Greek casino resort and offer around 1600 permanent job positions. Mohegan Sun is, on the other hand, ready to offer the same amount and stay in the competitive position for the final award.
The final word should be provided soon and the project awarded to a better applicant. Once it occurs, casino operator will receive the right to operate the venue for the next 30 years. The casino venue will have authorization to offer 120 table games, over 1,200 slots as well as rooms for conferences, meetings, and conventions.