The move paves the way for the next phase of the project which is scheduled to be completed by 2021.
Approval was given by the previous government to relocate the casino currently in Parnitha to the suburb of Marousi within city limits and more specifically to a 55,000m2 property owned by the Laskaridis family and located on the junction of Kifissias and Spyrou Loui avenues opposite Golden Hall mall.
Key investor behind the implementation of the project is the Hellenic Casino of Parnitha SA (with a 49 percent state-held share). The remaining 51 percent is owned by Athens Resort Casino SA made up of Regency Entertainment (70 percent) and Karenia Enterprises (30 percent).
Once the relocation is completed and operations begin, the casino is expected to employ up to 2,000 people and reportedly hand over 2 percent of turnover to the municipal authority.
According to the terms of the agreement, 50 percent of the land is to be converted into a park and recreational area while 10,000m2 have been allocated for a 1,000-space parking area. However, the investor can proceed with the creation of hotel and accommodation facilities, office and trade space, and conference areas.
Finalization requires approval by the Council of State.