Coastal Resort with casino gaming floor to be built in Athens, Greece

Published by CasinoTopsOnline on February 27, 2018

New Resort In GreeceBig things are happening in Greece and tourists will now have even more reason to flock to this beautiful city. Earlier this month the Council of State gave the green light for the development of an $8-billion integrated resort with a gaming floor near Athens. 

Shortly after the announcement was made the government issued a statement allowing the national gaming committee to open a call for bids for a new casino license. Many believed the casino resort would never receive the go ahead as there were multiple delays in the project’s eventual realization. 

Former airport land put to good use

Back in 2014 a local developer, Lamda Development, secured a 99-year lease to redevelop the portion of land where the Ellinikon International Airport used to operate. The land is said to be a solid 620 hectare which has been mainly unused since the airport closed in 2001. 

Partnering with a group of Chinese and Abu Dhabi investors, Lamda Development aims to convert the area into a multi-billion coastal resort where hotels, residential buildings, attractions, food, beverage and retail facilities will be built. The biggest news is that this portion of land will be home to a super casino that aims to pull in tourists and locals.

With the project being part of the government’s privatization drive under its bailout program it is said to be watched closely by the country’s creditors.

Green light calls for bids

Since the green light has been given by the government and the Greek Council of State the national gambling regulator will get to prepare and launch the tender process for the license required in order for the casino to run successfully. 

According to an unnamed source in the Greek Ministry of Finance, an advisor will be hired for the upcoming tender fairly soon. In recent news earlier this year it was reported that Las Vegas casino giant  Caesars Entertainment Corp is eager to apply for a license to operate the casino portion of the planned coastal resort. This comes as no surprise as Caesars has expressed interest in expanding their global footprint across all the most popular tourist destinations. 

It’s no secret that Caesars is still battling a multi-billion bankruptcy case with their main operating unit only emerging from bankruptcy last fall. 

Benefits gained from the building of the coastal resort

With bureaucratic hurdles out of the way the construction of the coastal resort near Athens can finally begin. With the new project comes a host of benefits for the residents of Greece including the creation of 10,000 new jobs just for the construction. 

Once the resort is up and running it is said to have nearly 70,000 jobs available within the first five years. The resort will also generate a large portion of income for Greece of which the annual gaming revenue alone could be as high as €700 million in the long run. 

With this resort finally receiving the green light only promise and increased popularity awaits for Greece. However, most say that this coastal resort will have to compete against the €500-plus-million City of Dreams Mediterranean which is currently being developed in the Republic of Cyrus. Only time will reveal which is better and how promising the resort will really be. For now it’s exciting to know that Greece will soon be home to a luxurious resort where tourists can indulge in top quality gambling.