An arbitration authority in Greece has rejected a first-instance appeal by Hard Rock International (HRI) over its disqualification from a gaming license concession at the Helleniko site in coastal southeast Athens - billed as one of the biggest real estate development projects in Europe.
By T. Igoumenidi
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An arbitration authority in Greece has rejected a first-instance appeal by Hard Rock International (HRI) over its disqualification from a gaming license concession at the Helleniko site in coastal southeast Athens - billed as one of the biggest real estate development projects in Europe.
The ruling comes after a unanimous decision by the Hellenic Gaming Commission's board - the state's regulator and contracting body for gaming in the country - to formally throw out HRI's concession bid. The latter was based on a recommendation by a committee set up to field and evaluate binding offers for an integrated resort casino (IRC) concession within the overall Helleniko project.
As previously reported by "N" and with other sources, HRI reportedly submitted a letter of guarantee falling short by three days from the prescribed date; lacked construction experience in getting an integrated resort casino off the ground and had deficiencies as far as financing of the IRC was concerned.
Following publication of the decision, HRI will have 10 to seek recourse to the Council of State (CoS), Greece's highest administrative court.