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Greece – Caesars and Genting rumoured to have run out of patience in Greece

By - 7 August 2019

Interest in operating the future casino at the former Hellenikon International Airport in Athens is reportedly subsiding for Caesars Entertainment and Genting Malaysia due to the continual delays to the project.

Caesars is of course consumed by a $17.3bn takeover deal by Eldorado Resorts whose CEO Tom Reeg recently said that international expansion would have to be ‘stupendous’ for the newly combined entity to move forward with. Genting, meanwhile, is also focused on expansion stateside with Resorts World Las Vegas under construction and an offer to take over the entire shareholding in Resorts World Catskills in New York now in place. Both also have huge aspirations to win one of three gaming licences in Japan.

Their withdrawal would leave Hard Rock International and Mohegan Gaming and Entertainment in a one on one duel to land the licence.

The country’s political uncertainty has seen eight prime ministers since 2009 with a snap election held July 7, seeing Kyriakos Mitsotakis of the centrist-right New Democracy party named prime minister.

The casino tender has already suffered from four delays with the latest taking the closing date for applications back to September 30.

Adonis Georgiadis, Head of the Development and Investment Ministry, said: “We are on the timetable. September 30 is the closing date of the competition, which should not be extended. Our goal is to issue joint ministerial decisions in August to be followed by a tender for the casino. We are cooperating with the Prime Minister’s office, Mr Gerapetritis and Mr Skertsos and despite the fact that the issue is complex, we are optimistic.”

Mohegan Gaming & Entertainment has partnered with local construction firm GEK Terna whilst Hard Rock has teamed up with Intrakat. Greek developer Lamda Development has already been selected as the developer of the wider €8bn project.
The successful casino operator will be granted a 30-year gaming license by the Hellenic Gaming Commission for a casino with 500 slots and 100 gaming tables.

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