New casino in Greece attracted American investors

24 October 2018

Ellinikon Casino initially attracted the attention of six foreign investors. At the moment there are three of them left, and they are all from US.

Las Vegas Sands and the French company Barriere, as well as a conglomerate of small investment enterprises were interested in building the Ellinikon casino. However, currently only Hard Rock Café, Caesars Entertainment and Mohegan Gaming and Entertainment are working on projects.

Casinos will be built on the territory of the former Athens airport in Elliniko. Negotiations with the operators took more time than expected, and the final decision is likely to be announced only next year.

The Hellenic Gaming Commission (HGC) began discussing a casino project with operators in early August. Real estate development company Lamda signed an agreement to build an integrated resort on the site of a former airport in 2014.

HGC stated that new integrated resort casino will transform Athens and improve the living standards of millions of Greeks and guests of the capital. In addition, the commission expects an increase in tourist flow, which will be the starting point for the economic growth of the country.

Greece is trying to overcome the financial crisis, which has lasted for more than a decade. The government turned to the European Union for help. The International Monetary Fund and the European Central Bank provided the country with $331 billion, provided that the authorities work on economic transformations.

It is expected that the Ellinikon integrated resort will increase the gross domestic product of the country by 2.4% and annually will attract about a million foreign tourists.

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