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Greece – Hard Rock back in as majority shareholder of Elliniko resort casino

By - 17 June 2022

Reports out of Greece are suggesting that Hard Rock International has finally managed to get back in on the stalled €6bn Elliniko resort casino destined for Greece with a concession agreement to operate a casino being finalised this week.

The IRC Athens consortium, including GEK TERNA and now Hard Rock, has secured the license for the next 30 years at a price of €150m.

Hard Rock was beaten in the initial tender for the casino by Mohegan International in 2019. Hard Rock contested the tender but Mohegan held strong before eventually pulling out of the project. Information out of Greece now states that Hard Rock will hold 51 per cent of the project with Greek construction giant GEK TERNA holding 49 per cent.

The consortium will invest €950m on developing the casino, a hotel, a conference center and a sports facility. 

The project will now need the seal of approval from the Greek government with the aim of building permits being issued by early 2023. The build is likely to take three years.

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