Hellinikon: Hard Rock again in the game

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Peter Brandt 4. October 2021

After the latest developments, Hard Rock has again expressed his interest in the Hellinikon Casino project. The ambitious construction project in Greece should be implemented until the end by Mohegan Gaming & Entertainment. However, according to local industry media, the gaming group has withdrawn from the project and left a gap that Hard Rock now wants to fill.

The Hellinikon project in Athens comprises a total investment of eight billion $ and is intended to make Athens an attraction enriched. ((©Robert Claypool/Unsplash)

Withdrawal from Mohegan

The planned casino complex for the Hellinikon project on the edge of Athens was preceded by a bidding process in which both Hard Rock and Mohegan Gaming had participated. According to various media reports, Mohegan ultimately awarded the ambitious construction project, since Hard Rock was submitting the application documents made some mistakes meant to be.

This caused distrust and doubts about the Greek government and the city planners, which meant that for Hard Rock. The gaming group had tried to legally to complain back to the bidding process, however, the final decision had already been made.

However, Mohegan has now withdrawn from the Hellinikon project. James Gessner Jr., President of the MoHegan Tribe Council, also assured press representatives in March that his company will continue to hold on to the casino. However, when a change of power in management took place a short time later, the mood was overturned and the commitment to Hellinikon was questioned. The decisive reason for the back is the missing financial strength of the group. Similar to many other industry players, Mohegan suffered financially through Corona pandemic. However, an official declaration has not yet been submitted.

High investment. Together with the Greek construction company GEKNA, Mohegan is said to have offered a total investment of 1.25 billion $ from the local gaming authority. Around 150 million $ were scheduled for the necessary license. For the construction of the complete casino complex, the consortium has targeted a total budget of 1.1 billion $ .

Hard Rock negotiates with GEK Terna

Due to the latest developments, around 65 percent of Mohegan’s shares passed over to Gewerna. Since the construction company is now the Zünglein on the scales, Hard Rock has taken the initiative and already Initial negotiations are initiated. The gambling group is interested in forming a new consortium and becoming part of the 1.1 billion euro project.

As the only partner, it is now responsible for how to implement the casino complex. Greek media recently reported that hard rock the Hellinikon project supports all the highest priority. For this reason, it is only a matter of time before an agreement between the gambling group and Gek Terna is achieved.

Possible scenarios. Nevertheless, Hard Rock The best chances of the Hellinikon Casino project are said to be conceivable. The Greek news portal “Kathimerini” recently brought investment funds or possible interested parties from the hotel industry.

Mega-projectt Hellinikon

The casino complex should only represent a facet of the Hellinikon. That Mega-project On the outskirts of Athens has been planning for a long time and is on paper with the iconic Central Park compared in Manhattan. Basically, the Hellinikon is a gigantic tourism, business and leisure project that pursues a clear vision: a sustainable, designed district of superlative with infrastructure for trade, living and tourism.

die Greek government Prepairs the total area of the Hellinikon to 6.2 million square meters and plans with a total investment of eight billion $ over the next 25 years. The developer of the mega project is the group “Lamda Development S.A. This wants the Change Riviera Athens sustainably and in the long term. The construction of high -rise buildings, luxury residences, hotels, offices, a new marina and a casino complex is planned. At the moment, the Athens coast is still inaccessible, but this should change through the project. Accordingly, the 3.5 km long coastal strip would be open to everyone.

Mega project despite debts? In 2010, Greece almost escaped a state bankruptcy. Due to the financial crisis in early 2008, the debts of the Mediterranean country rose to around 350 billion $ . Nevertheless, the government wants to do such a mega project. This is made possible by the “European Bank of Reconstruction and Development (EBRD)”. This approved a grant of 22.7 million $ in the 650 million euro capital increase of Lamda Development. Through these financial injection, the Hellinikon developer has the necessary funds to initiate the largest urban renewal project in Greece.