Multi-billion-euro Hellinikon Deal Hinging on Casino License

The Hellinikon project. Photo Source: www.thehellinikon.com

Aiming to conclude one of the biggest privatization projects in Greece, by the end of the year, the Hellenic Gaming Commission must announce an international tender for a casino license by August 31, in order to select a preferred bidder and move ahead with the highly-delayed 8-billion-euro Hellinikon project.

“If there is interest in the casino license, the privatization process will move ahead swiftly,” privatization sources told Greek daily Kathimerini, with the December 31, deadline hinging on finding a preferred investor for the casino.

Photo Source: www.thehellinikon.com

The project – set to occupy a 15,000m2 space in one of the skyscrapers on the Hellinikon premises with the winning concessionaire retaining the right of operation for up to 30 years – is among 35 pending privatization actions the majority of which concern the Hellinikon agenda and the Egnatia Odos highway.

Still holding back the ambitious venture is the relocation of entities and companies, including the Hellenic Center for Marine Research and municipal services based on the Hellinikon premises, which is set for November. Meanwhile, the Civil Aviation Authority and the Agios Cosmas sports center are scheduled to relocate by September.

In the meantime, according to media reports, pre-marketing actions are still on the back burner with a teaser for the tender expected in the coming weeks.

Indicatively, last year, US-based gaming giant Caesars Entertainment Corporation expressed interest in the creation of a massive entertainment complex at Hellinikon.