Mohegan Gaming successfully secures casino bid The initial investment is estimated at EUR8 billion Mohegan beats all other operators
GEK Terna and Mohegan Gaming & Entertainment have won a bid to develop a casino project at the defunct Greece airport Hellinikon.
GEK Terna and Mohegan Succeed with Greece CasinoBid
OnThursday, GEK Terna, a Greece-based contractor revealedplans to build a new EUR8-billion project on the Athenscoastline in cooperation with U.S. tribal casino brand MoheganGaming & Entertainment. The project focuses on thenow-abandoned Hellinikon in Athens, Greeceturning the area into a series of luxury properties, from residencesto hotels, to yachting marina, to the much-anticipated casinoproject.
TheMohegan-backed project has been long in the pipeline, despite localopposition from Greece’s regulator which has shut down the plansthree times. However, the operator has been successful in making afinal push by offering EUR30 million and gain permission torun the resort in the next 30 years.
Photo Credit: News.Gtp.Gr
MoheganGaming has had to assuage fears that the arrival of its project inGreece would lead to environment damage as well as threaten thecultural heritage of the country by cheapening it with a casinoproject in the vicinity. Development of the project was originallyhindered by local authorities who insisted for the project to bevetted by the Greece Ministry of Culture before a formaldecision was made.
Mohegan Gaming also had run-ins with the government having been accused of intentionally trying to maximize profits at the expense of locals. Beyond investing in its own properties, Mohegan has also been supplying other casino projects.
Other Casino Brands on theBlock
MGE-Terna’s success isnot entirely left to chance either, as the pair was among the firstto express interest in developing the casino project. Other operatorsreportedly showed interest in developing a casino project nearHellinikon, but either lost interest or couldn’t propose good termsof the deal.
These names of previous bidders include Hard Rock International, Genting and Caesars Entertainment which have been beaten by Mohegan on the final stretch. Caesars gradually lost interest in anticipation of its merger with Eldorado.
MGE CEO MarioKontomerkos haslauded Terna’s “reliability,effectiveness and deep knowledge of the Greek market will help usfulfill our vision for the Hellinikon area.”
GEK Terna Group CEOGeorge Peris 7BALL teris wasalso pleased with the opportunity to be cooperating with a renownedcompany such as Mohegan Gaming focusing on gaming. The biddingprocess has been pushed back three times, for April 22, June 28, andfinally July 31 because of political strife within the government.
Aquintessential tribal operator, Mohegan Gaming & Entertainmenthasn’t backed down from pursuing its international ambitions, addingnew markets and pushing on with expansion. The operator is alsopresent in South Korea with a new project in Incheon.