Bidding Procedure for €1-billion casino, part of Europe’s largest integrated resort project, to commence over weeks
The beginning of the bidding process to get a casino license for the former Ellinikon International Airport near Athens, Greece is place to begin in the coming weeks, local news outlet Kathimerini reports.
The Greek Finance Ministry along with a specially assembled inter-ministerial committee will carry out the casino tender. The Hellenic Gambling Commission was previously tasked with preparing the bidding procedure . The gambling regulator has chosen law firms KLC Law Company and Ernst & Young as its advisers during the preparation process. The Commission allowed in December the virtual room to get the casino tender to a British firm, Kathimerini further reported earlier today.
The bidding process was originally expected to be completed by the end of 2018, but hurdles of different nature delayed its beginning. The eventual launch of the casino tender will mark the official beginning of the Hellenic Gambling Commission and other competent authorities’ quest for a suitable candidate to construct and run €1-billion casino as part of a larger integrated resort scheme at the site of Athens’ former international airport.
The site of the old airport finally found a spot in a lengthy list of additional resources that the Greek authorities sought to market within its privatization program under its third bailout.
Greek real estate development firm Lamda Development was chosen as the preferred developer of this €8-billion Hellinikon incorporated resort at the site of the former airport. The property will include residential areas and hotels, retail centers, places for family entertainment, a modern business park, and food and drink facilities, amongst others.
As stated earlier, a €1-billion casino will, also, participate in this huge project. During a consultation interval launched by the Hellenic Gambling Commission, a variety of international gaming and hospitality companies expressed interest in operating the gambling portion of the resort and approached the gambling regulator with queries and remarks on the development scheme.
Additionally, it emerged that discussions over the terms of the permit are the cause of the delayed start of the casino tender. The annual rent the preferred casino operator will probably be committing to Lamda is believed to have been among the main topics considered by curious gambling providers, regulators, and other stakeholders. Based on media reports, Lamda is requesting for annual rent of involving €20 million and €30 million.
News outlets also have reported that if a curious operator agrees to pay a rent of around €30 million and to invest up to €1 billion in the Hellenikon casino, then it might be exempt by a permit fee.
The casino tender is expected to be completed by the conclusion of the first quarter of this year. If no further delays happen, Lamda is anticipated to break ground on the complex by the end of 2019.
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