Inspire Athens approved for new Hellinikon casino in Greece

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The first integrated hotel complex (IR) to be built in Greece is one more step towards reality. After a battle between Mohegan Gaming & Entertainment (MGE) and Hard Rock International that ended earlier this year, Mohegan will be involved in the development of the project. Inspire Athens has officially secured its concessions for IR, with MGE having previously supported the company. However, that doesn’t mean Hard Rock is completely out of sight.

Greece adopts luxury casino resorts

Two years ago, Greece updated its gambling laws in an effort to attract deep-pocketed investors keen to expand the country’s casino market. He cut the license fee by a few million dollars, and the change seems to be working. Greece is on the verge of an economic recovery which will be supported, in part, by a new IR in the city of Hellinikon. The resort has now received the official green light from the Hellenic Gaming Commission on Friday with Inspire Athens leading the charge. With the dealership in place, the company now has to pay $ 174.8 million to get it all started.

The new property is expected to cost several billion dollars by the time it is fully ready. It will span over 1,530 acres. GEK Terna, a local construction company, owns Inspire Athens, but the project was supported by MGE. Another company should also be hired. Regardless of the number of partners or employees recruited, GEK is required to retain at least 35% of Inspire Athens’ share capital internally for at least the next eight years.

MGE, Hard Rock comes full circle

The race to be part of the first IR to be built in Greece had fights between MGE and Hard Rock to show why he should be chosen. MGE won the race in 2019, but that didn’t stop Hard Rock from contesting the results. The casino operator appealed and, last May, was taken out of the equation for good when the appeal was dismissed. However, just when it seemed like it was time to give up, Hard Rock is back in the picture.

Last March, MGE President James Gessner, Jr. said the company was fully ready to support Inspire Athens. He said at the time: “Mohegan Gaming & Entertainment (MGE) remains committed to Inspire Athens, the company’s flagship investment plan in Europe, and will continue to support the development project as set out in its strategic plan. .

Soon after, however, MGE relaxed its stance. While he is always willing to provide some support to GEK, he is unlikely to be permanently involved. According to local Greek media Ekatherimini.com, MGE could be replaced by Hard Rock by the end of the year, with the latter taking over the management of the casino.

The new IR is expected to create jobs for more than 7,000 people, giving a huge boost to the Greek economy. A large hotel, a huge conference center, several restaurants and bars and a sports and cultural facility will complete the facilities of the complex once completed. Currently, the deadline for the completion of construction is not set.


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