Greece has given the green light to its gaming committee to launch a tender for a new casino licence, removing another obstacle for an €8 billion casino project in the capital of Athens.
Last Thursday, the Council of State, Greece’s top administrative court, approved the development plan for a major integrated resort project on the site of Athens’ former Hellinikon Airport. The decision was then published in the official Government Gazette.
Greece’s international bailout agreement calls for the government to receive another €5.7 billion tranche in March, on the condition that the government follows through on promised economic reforms, including the privatisation of the Hellinikon project.
Property developer Lamda signed a 99-year lease with the state in 2014 to convert 620 hectares of wasteland at the former Hellenikon Athens airport into a complex of luxury residences, hotels, a yachting marina, and a casino.
Progress on the project, which has been beset by delays, is being watched closely by Greece’s creditors as a test of the government’s commitment to privatisation under its multi-billion euro bailout.
Las Vegas casino giant Caesars Entertainment Group has been the first to express interest in participating in the major scheme. Caesars operates more than 40 casino venues across the US and has reportedly been eying opportunities in Japan, Brazil and Australia amongst others.
