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GREEK NEWS

Officials Say Mohegan Casino Project Could be Ready in Three Years

A model of the integrated resort casino, led by the consortium of Mohegan Gaming & Entertainment and its Greek partner GEK Terna. The property will be part of the larger Hellinikon Project. File Photo

The CEO of Mohegan Entertainment, Mario Kontomerkos, announced on Wednesday that the gigantic casino development in Hellinikon would be ready within 36 months after building licenses are issued, while reassuring the public that his company is ready to take on the 950-million-euro project.

Addressing a Prodexpo conference in Athens, Kontomerkos noted that the “Inspire Athens” plan has been designed to yield profits, not only to Mohegan and the GEK-Terna consortium, but to the nation of Greece as well, both in the short term and the long term.

The Mohegan official added that the investment will lead to 7,000 jobs and cooperation with several Greek companies in the fields of banking, construction and law.

He also estimated that international tourism in Attica will rise by 10 percent after the casino opens for business. Kontomerkos also said that the 150-million-euro bid for the project was a vote of confidence in the nation of Greece and underscored that he had been impressed by the level of transparency throughout the process.

Estimates say that there could be tens of millions of euros in profits as a result of the development of the old Athens airport complex, which will lead to higher tax and social security revenues for the nation’s coffers.

The licensing process must be completed before construction can begin, but as soon as the project gets the green light from regulators, building at the old airport site will commence, and the casino could be opened to the public as early as the end of 2024.

According to Kontomerkos, Mohegan will be sensitive to what he called the “Greek footprint” of the area, which planners intend to become a destination in itself, with features which will draw travelers from all around the globe, including luxury hotels, entertainment venues, conference halls and high-end restaurants.

The presence of the casino will also spur other commercial development along the spectacular Athenian Riviera, according to the Mohegan official.

After Mohegan had won the bid for the ambitious casino project, Development Minister Adonis Georgiadis had stated that the Greek state had gotten an “exceptional price” for the development, saying that it was five times higher than the minimum bid.

Investment Worth 1.1 Billion Euros

The investment, with a net worth of 1.1 billion euros, will launch the entire development of the area comprising Athens’ old airport on the southern coast.

The complex will be developed within and around two main towers, one 200 meters (656 feet) and the other 100 meters (328 feet) tall.

According to the consortium’s bid it will include a super-luxury hotel with 3,450 beds. This corresponds to some 1,700 rooms, market sources estimate. That would be by far the largest five-star hotel, not only in Attica but also in the country, and among the largest in Europe.

Besides the 120,000-square meter (1,291,669 square foot) hotel, the consortium will develop a conference and exhibition center of 23,700 square meters (255,104 square feet) and a sports and cultural center with a capacity for 10,500 people which could host anything from concerts to soccer games.

The casino itself will cover 15,000 square meters (161,458 square feet) the maximum surface allowed by a presidential decree. There will also be high-end shops, entertainment facilities, restaurants, and other businesses.

Construction is expected to begin in mid-2021, after all the appropriate construction permits are issued.

The Hellinikon Project Changing Athens

Among Europe’s most iconic development plans; the Hellinikon project broke ground today promising to reshape the old Athens airport into a dream city a few minutes away from the Greek capital. Full story: https://bit.ly/2D3VOwl

Posted by Greek Reporter on Friday, July 3, 2020

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