Greece is expanding its casino real-estate with the additional of two new licences as the country’s Gaming Commission evaluates bids in Athens and Crete.
Inspire Athens, will be built by GEK Terna as part of Mohegan Gaming and Entertainment’s €1bn Integrated Resort, which includes a luxury five star hotel with 3,500 rooms and MICE facilities. The casino is part of the Ellinikon urban development complex in southern Athens. Approval for this project is expected in November.
The second casino will be built at the Gournes site on the north shore of Crete, which Greece is in the process of privatising.
Greece’s privatisation office, HRADF, announced that it has received four bids for the development of the site, which will include a licence for a mixed use casino and resort facility. Bids were submitted from Club Hotel Casino Loutraki SA – Lyktos Holdings SA, Dimand SA, Reds SA and Luxembourg-based real estate company, Vivion Investments.
The 345,000sq.m plot at Gournes is located on the site of a former US military base near Crete’s largest city and port, Heraklion. Dubbed ‘little Ellinikon”, after the development of the former Athens international airport, the asset is considered to be one of Greece’s most eagerly anticipated property sales.
Negotiations between the gaming commission and potential investors have started on the specifications relating to Crete’s new casino.