Mohegan acquires permission for Hellinikon project.
The Greek gaming authority HGC has given the US casino company Mohegan Gaming & Entertainment the license for their Hellinikon casino project, ending a drawn-out battle. However, rival company Hard Rock International still has ten days to appeal against the decision. Here's a rundown of the developments.
A New Age of Greek Tourism
Mohegan, a US-based casino giant based in Connecticut, can now expand its business into Europe. The HGC has awarded Mohegan the Hellinikon casino license. The company had previously proposed plans for Greece's first integrated resort and casino (IRC). This complex includes a luxury hotel, entertainment facilities, event spaces, restaurants, and, of course, a 15,000-square-meter casino with over 1,200 slot machines and 120 table games. This facility is envisioned as a mix of high-end amenities to usher in a "new era of tourism and economic prosperity for all of Greece." A total investment of 8 billion euros is planned for the redevelopment of the former Athens airport. Spanning 620 hectares, it's more than three times the size of Monaco.
The Inspire Athens consortium, comprising Mohegan, GEK Terna Holding (a Greek construction company), and Steelman Partners (a US architecture firm specializing in IRCs), developed the concept. The IRC should be iconic, blending history and culture with an eye toward the future, as explained by Mario Kontomerkos, Mohegan's Chairman and CEO:
Modern Luxury and Entertainment
Steelman Partners, the architects, shared more insights into the project. They plan to incorporate state-of-the-art leisure facilities, such as a multifunctional arena and an expansive pool landscape. The goal is to create a unique blend of luxury, hospitality, and entertainment. They aim to highlight the region's affinity with nature by integrating indoor and outdoor venues across all the resort's restaurants, bars, lounges, and nightclubs. Paul Steelman, the founder of the architecture firm, stated:
Economic Impact and Job Creation
Building the IRC is projected to create between 7,000 and 10,000 jobs in the area. When it opens, it could potentially lead to 70,000 additional jobs. Furthermore, the Greek tourism industry is projected to see a 10% increase in visitors. Millions in additional revenue will be allocated to improve infrastructure, which would benefit the local population.
Considering the complex's proximity to Athens (population 4 million) and its location by the sea, the chances of this happening seem high. Greece's gaming industry has seen significant growth in recent years, with the Greek population investing over 17 billion euros in gambling from 2017 to 2018—an increase of 9% compared to the previous year. Kontomerkos commented:
What About Hard Rock?
Hard Rock International, a Florida-based entertainment conglomerate, is unlikely to feel pleased about the license being given to Mohegan. Last week, it failed to secure the license, thanks to financial guarantee issues and inadequate proof of experience in casino developments. In response, Hard Rock's spokesperson, Michael Karloutsos, described the accusations as "ridiculous" and claimed that Mohegan was "under financial pressure" due to increased competition. The company also alleged that "leaks in the press" had "undermined the process from the outset." Hard Rock had threatened legal action if it didn't receive the license. Stay tuned to see if this happens.
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Source: www.onlinecasinosdeutschland.com
