Greece Awards Hellinikon Project Casino License to Mohegan



The Hellenic Gaming Commission awarded the casino operating license at Hellinikon, south of Athens, to the consortium Mohegan Gaming Advisors – GEK Terna SA on Monday.

Hard Rock International, the other candidate in the bidding process, has a 10-day deadline to either object to the decision or to resort to Greece’s Council of State.

The decision means that Greece has come one step closer to starting work on the ambitious Hellinikon project, the largest urban development project in all of Europe.

The striking design for the building was created by Steelman Partners, an international architectural firm specializing in IRC design and development. The concept form draws inspiration from the architectural history of Greece, particularly from Athenian sculptures and buildings, including the Acropolis and its iconic Caryatids.

Lamda Development, the developer of the project in Hellinikon, said that the majority of pending issues have been settled, while others are currently in the process of being decided upon, in an announcement made several days ago.

Once these pending issues are resolved, the company will be ready to go forward with the implementation of the project.

Lamda Development successfully completed a 650-million-euro share capital increase plan in December of 2019, the largest share capital increase ever by a non-financial company in Greece in the last decade.

Aegean Airlines – a strategic partner of Lamda Development – participated in the plan, along with the European Bank for Reconstruction and Development, which acquired 1.8 percent of the company.

Following completion of the share capital increase, Lamda Development’s capitalization and net asset value will exceed 1.0 billion euros.

Odysseas Athanasiou, Lamda Development’s CEO, addressing an extraordinary general shareholders’ meeting held recently, presented in detail the works for the first five years of the project, which is expected to breathe new life into the entire area.

Athanasiou reiterated his belief that the Hellinikon project is projected to add 2.0 percent to Greece’s GDP.

In the first five years, Lamda Development plans to complete a large part of the park, the marina, the largest shopping center in the country, the beach, the casino, hotels and at least 800 apartments at Hellinikon.

Lamda reassured the public and investors that all the bidding for construction work and hiring will be made with total and absolute transparency.