Reports: Successor agreement for IRC at Helleniko readied; GEK Terna, Hard Rock Int’l to assume project

The Hellenic Gaming Commission (HGC) and the consortium Athens IRC will reportedly sign an agreement foreseeing the establishment and operation of an upscale casino resort at the Hellniko site in coastal southeast Athens, in what would be a successor scheme following the withdrawal of US-based Mohegan from the high-profile investment.

The operation of an integrated resort casino (IRC) at the landmark Helleniko privatization, now billed as “The Ellinikon” by developers, is deemed as imperative for the entire property re-development to proceed in a viable manner.

According to reports, HGC has readied all relevant processes to finalize the text of the agreement, and following Greek construction contractor GEK Terna’s declaration as the highest bidder in international tender.

Parliament must then ratify the agreement, which would open the way for long-awaited construction to begin.

Additionally, Hard Rock International, which had lost out to Monegan in the first tender for the project, is now expected to purchase a majority of Athens IRC’s share capital.

If reports do pan out, Hard Rock will purchase a 51-percent share, with GEK Terna holding the remaining 49 percent. Upon Mohegan’s quick-step departure GEK Terna purchased all of its shares in Athens IRC.

The investment to build such a casino resort is billed at valuing one billion euros, with the latest – ambitious – timetable promising a start to construction in 2022.