Outdated Athens airport will transform into a gambling venue.
The abandoned Athens Ellinikon Airport, which closed in 2001, is set to undergo a dramatic transformation into a major integrated casino resort. Renowned companies like Caesars Entertainment and Hard Rock are eager to establish a presence at the soon-to-be-built complex. The primary goal for Greece is not only to create a tourist hotspot but also to make it an international destination for gaming enthusiasts.
Emulating Las Vegas
The once bustling airport, constructed in 1938, is now a ghost town. Its cracked facades, dilapidated terminals, and rusty signs serve as evidence of the passage of time. However, this desolate scene is about to experience a rebirth. The Greek government aims to transform the decaying structure into what could become one of Europe's largest casino resorts.
Recently, the Greek Gaming Commission floated a request for proposals for the issuance of a casino license. The proposed establishment is set to feature an impressive 120 gaming tables and 1,200 slot machines. It will also include a five-star hotel with 2,000 beds, a shopping park, a theater and show complex, and high-end restaurants. The entire project aims to create over 7,500 jobs and generate up to 700 million euros annually.
Numerous leading casino companies have already expressed interest in the project. Caesars Entertainment, Hard Rock International, Mohegan Gaming & Entertainment, Genting Group, and Groupe Lucien Barriere are just a few of the organizations vying for the opportunity to run the establishment.
Economic Development Plans
The casino project is just one part of the Greek government's comprehensive development plan for the closed airport. A diverse array of companies and investors, hailing from Greece, the United States, and other countries, are collaborating on the restoration efforts. Fosun International and Al Maabar, both Chinese entities, join the Japanese-owned Lamda Development Group in this endeavor. Lamda Development, a Greek real estate company, is spearheading the initiative and has committed over 8 billion euros to the airport's revitalization.
This undertaking, said to be the largest urban development project in Europe, is expected to create employment opportunities for over 70,000 workers. The entire site will cover an area of 620 hectares, three times the size of Monaco. It is strategically located on the Mediterranean, just ten kilometers from Athens, a city of four million residents.
Beyond the casino complex, the developers plan to build roughly 8,000 apartments, multiple hotels, shopping centers, leisure and sports facilities, themed parks, and museums. The centerpiece will undoubtedly be the construction of a harbor.
A Fight Against Opposition
Not everyone is enthusiastic about the mega-project. Alexis Tsipras, the Greek Prime Minister and leader of the left-wing SYRIZA party, previously opposed the building plans. When he took office in 2015, he had to accept the privatization of the site due to mounting economic pressure from international creditors and politicians.
The lease agreement is viewed as a precondition for additional European aid packages and loans. The casino license tender process has now reached its final stage, with construction set to begin as early as this fall.
Conditions for Obtaining the Casino License
All applicants were recently asked to submit their business plans to the Greek Gaming Commission by April 22. The requirements for approval include providing evidence of a minimum equity contribution of 200 million euros from the last three financial years, along with a yearly turnover of at least 400 million euros during the same period. In addition, the successful bidder must submit a minimum annual bid of 30 million euros to maintain the license. Given that the Mont Parnes casinos in Athens, established in 2003, generate a yearly revenue of about 120 million euros, this amount seems low in comparison. However, economic analysts estimate the investment necessary for converting the airport to be around 500 million euros.
As compensation, the license comes with a substantial time frame of 30 years, potentially extendable for another 20 years. Given recent data, it's evident that the future operator will reap benefits from this investment: despite the ongoing economic turmoil, combined revenue from Greece's nine casinos has risen since 2017. A recent spike in earnings led to a whopping 9% increase, with total turnover reaching 3.2 billion euros.
Revealing figures from last year suggest that Greeks spent a staggering amount on assorted gambling activities - totalling over 17 billion euros. Notable risers include roulette, horse racing, scratch cards, and online sports betting. However, it's uncertain if Athens will experience yet another economic boost owing to current developments.
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Source: www.onlinecasinosdeutschland.com
