The bidding process for the growth of a casino as part of a larger integrated hotel set to be located in the site of the former Ellinikon International Airport near Athens has finally begun after years of delays. The awarding of the casino concession is a vital step for the development of the whole complicated.
The Hellenic Gambling Commission announced on Friday a call for tenders was published on the Official Journal of the European Union, inviting enthusiastic operators to submit their applications for a casino gambling license. The winning bidder will be granted a 30-year concession to run a casino in the €8 billion Hellinikon mega-resort.
In other words, entities which are interested to run a gambling site at what has been dubbed as Europe’s largest integrated hotel now have two weeks to submit an application for the right to do so. It is still unknown when the winning applicant will be revealed. The Hellenic Gambling Commission stated that the international tender will be
“ran on the basis of the most economically advantageous offer depending on the best price-quality ratio.
Under the terms of the 30-year concession, the preferred casino operator will need to create a hotel with a gambling floor, lodging facility, convention centre, and a number of different facilities and invest no less than €1 billion in the house .
The Hellenic Gambling Commission stated in the call for tenders that applicants have to have expertise in the operation of a minumum of one casino using no fewer than 100 gaming tables and now fewer than 500 slot machines; of at least one five-star hotel with no fewer than 800 beds; and of a minumum of one convention and exhibition centre of a entire area of at least 7,500 square meters or at least one public sports or cultural events meeting place with capacity of no fewer than 2,000 seats.
Every one of the above needs to have been operational for at least 2 successive years in the past five decades.
The casino hotel will occupy a site of approximately 15,000 square meters in the region where the larger Hellinikon complex will be developed.
Minimum Equity Capital and Revenue Prerequisites
Applicants need a minimum equity capital of €200 million over the last 3 decades and annual revenue of at least €400 million for the same period. Investment companies need to hold capital totaling or exceeding €400 million for the past 3 decades, the call for paper reads.
The winning bidder will need to pay an upfront thought of €30 million in 2 obligations to the Hellinikon contractor. The initial installment will represent 10 percent of the entire consideration and will have to be covered by the concessionaire to the contractor up before the issue date of the casino license. The remaining 90% will have to be paid before the fulfillment of the conditions precedent.
Greek company Lamda Development has been chosen as the preferred developer of the larger Hellinikon hotel and an global consortium of shareholders, such as Chinese conglomerate Fosun Group, Abu Dhabi’s Eagle Hills along with the Latsis Group, has combined forces to spearhead the mega-resort scheme.
Besides a casino hotel, the Hellinikon will also contain residential areas, luxury resorts, retail places , multiple food and beverage facilities, museums and cultural venues, family entertainment facilities, sports and recreation spaces, and many more.
Construction phase is expected to create over 10,000 jobs, while the full hotel is projected to employ over 75,000 individuals and to attract at least one million global visitors.
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