The Inspire Athens consortium was announced as the concessionaire for Helliniko casino by the Hellenic Gaming Commission on Friday.
Following final approval of the contract by the state’s Court of Audit, the consortium will pay €150 million to the state for the casino licensing fee.
Inspire Athens is 100% owned by listed Greek construction group GEK Terna, while the necessary casino operating experience required by the terms of the competition was to be provided by US company, Mohegan Gaming and Entertainment.
However since Moehagn Gaming and Entertainment withdrew its interest in the casino last spring, GEK Terna is looking for a new partner with international casino operating experience to fill Moehagn’s Inspire Athens share.
GEK Terna has reportedly been in discussions with another United States company, Hard Rock, who bid unsuccessfully for the casino in 2019, to take Moehagn’s place.
Inspire Athens will construct Greece’s first Integrated Resort and Casino (IRC), as part of the pioneering multi-billion development, Hellinikon project.
The 6,200,000 square metre Hellinikon development is a pioneering project for Athens, with great emphasis on the creation of a world-class metropolitan park, as well as the enhancement of the coastal front fully accessible to the public.
GEK Terna’s only contractual obligation is to keep at least 35% of the share capital of Inspire Athens in its control for the next eight years.
In addition to winning the bid for the gaming licence, the Inspire Athens consortium also holds a €1 billion contract for the construction of an integrated complex casino around two main towers of 200 and 100 meters height, respectively.
The state of the art development will include a luxury, 120,000-square meter hotel of 3,450 beds, a conference and exhibition centre of 23,700 square metres, and a sports and cultural centre with a capacity for 10,500 people that could host anything from concerts to soccer games. The complex will also comprise entertainment venues, shopping, dining and a comprehensive mix of premium amenities.
Inspire Athens IRC is expected to attract an influx of international tourists and provide a significant contribution to the Hellinikon project that will redefine the modern identity of Greece and is expected to support the local economy through the creation of more than 7,000 jobs in the region during and after construction, including direct, indirect, and induced employment.