Greek construction and infrastructure contract GEK Terna on Thursday announced that it has transferred a 51-percent stake of the Integrated Resort Casino’s (IRC) to multinational Hard Rock.
The IRC is the investment scheme that holds a 30-year gaming concession for the Helleniko property development site in coastal southern Athens.
The ATHEX-listed company’s management had recently briefed financial analysts that full-scale construction for the casino resort will begin within the year.
GEK Terna retains a 49-percent stake and has assumed the entire construction contract – via its subsidiary Terna S.A. – for what’s billed as the most luxurious resort casino in the Mediterranean.
The project foresees the construction of a five-star hotel, a conference and convention center, sports and cultural venues, and of course, a casino – seen as the revenue “engine” of the specific investment.
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