Mohegan-led consortium offers €150 million for casino licence

A consortium led by U.S. casino operator Mohegan Gaming & Entertainment has offered 150 million euros (US$176 million) for a license to build and operate a luxury casino resort in Athens, a Greek minister said late on Wednesday, reported Reuters.

Mohegan and its Greek partner GEK TERNA HRMr.AT had advanced to the next phase of a long-delayed tender for the construction and 30-year operation of a casino resort on the site of the former Hellenikon airport, part of an 8 billion euros redevelopment plan by Greek developer Lamda LMDr.AT.
Greece’s gaming commission, which is handling the tender, on Wednesday opened Mohegan’s financial bid.

Development Minister Adonis Georgiadis told a Greek TV station:

“The tender had set a minimum price of 30 million euros … Mohegan offered a lump sum of 150 million. We understood that INSPIRE Athens was meant to symbolize more than an integrated resort,”

Mario Kontomerkos, Mohegan Gaming and Entertainment’s Chairman and CEO, had said upon winning the tender.

“It is our hope that INSPIRE Athens would be the catalyst that sparks the entire development of the Hellinikon area into the coveted Athenian Riviera, forever redefining the modern identity of Greece.”

The next steps in the process include signing the contract and clearing it with Greek auditors and parliament before the Mohegan-led consortium is declared winner of the tender. Mohegan has said it stands ready to start construction once it wins the tender.

Mohegan’s plan, dubbed INSPIRE Athens, is expected to attract hundreds of thousands of tourists and generate more than 7,000 jobs. INSPIRE Athens’s concept for the first Integrated Resort and Casino (“IRC”) in Greece consists of a luxury hotel, entertainment venues, convention centre, shopping, dining, casino, and a comprehensive mix of premium amenities. The development will help launch a new era of tourism growth and economic prosperity for all of Greece and the entire region.

The iconic design of 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 the Caryatids.

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