Greece has come one step closer to starting work on the ambitious Hellinikon project – the biggest urban development project in Europe and one of the largest worldwide – following a decision by the Hellenic Gaming Commission (HGC) to award the Casino Operating License in the Hellinikon – Ag. Kosmas Metropolitan Pole to the Mohegan Gaming Advisors – GEK Terna SA consortium. The decision was announced in a press release on Monday.
Hard Rock International (HRI), the other candidate in the tender, has a 10-day deadline to object to the decision or to resort to the Council of State.
Lamda Development, the developer of the project in Hellinikon, in an announcement a few day ago said that most pending issues have been settled while others are currently in the process of being settled (casino license, court decisions on pending annulment applications). Once these pending issues are resolved, the company will be ready to begin the implementation of the project. Lamda Development successfully completed a 650 million euros share capital increase plan in December 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 share capital increase plan, along with the European Bank for Reconstruction and Development (EBRD) which acquired 1.8 pct of the company. Following completion of the share capital increase, Lamda Development’s capitalisation and net asset value exceeds 1.0 billion euros.
Odysseas Athanasiou, Lamda Development’s CEO, addressing an extraordinary general shareholders’ meeting recently presented in detail the works in the first five years of the project, which is expected to breathe a new life into the area. He reiterated that the Hellinikon project is forecast to add 2.0 pct to the Greek GDP. In the first five years, Lamda Development plans to complete a big part of the park, the marina, the biggest shopping center in the country, the beach, the casino, hotels and at least 800 apartments. All tenders for works and hirings will be made with absolute transparency, Lamda Development said.