By T. Igoumenidi
A rider in a draft bill tabled on Monday foresees a new casino gaming license for the Helleniko property development concession in coastal southeast Athens, as well as a second casino in northwest Athens.
The second prospect, in fact, indirectly points to the sole operating casino in the greater Athens area, the Regency Casino Mont Parnes, acquiring the second gaming license. Such a prospect would mean the current casino abandoning its summit location atop Mt. Parnitha, which overlooks Athens from the northwest.
The new gaming license for the coastal site is a contractual obligation on the part of the state, based on a concession contract for the Helleniko site, which encompasses all of the one-time Athens airport and surrounding tracts of land. Confirmation of the new gaming license will also precede a first down payment of 300 million euros by the consortium (Global Investment Group) that won an international tender to exploit the site.
The consortium is comprised of the Athens-based Latsis Group, which manages Lamda Development, China's Fosun and Abu Dhabi-based Eagle Hills.
The casino on Parnitha is jointly owned by the Athens Resort Casino company, which controls 51 percent and holds the management, and the Greek state (49 percent) through its Public Properties S.A. holding company.
A change in location for Regency Casino Mont Parnes, according to the government, is deemed as obligatory, given that the original concession foresaw a gaming monopoly in the greater Athens area. With the advent of a second gaming license, shareholders of the Parnitha casino reportedly demanded a new location.
The hotel and casino atop Mt. Parnitha dates to the 1960s, when it was built, opened and operated as a wholly state-run enterprise. Despite its partial privatization and successive renovations over the decades, it is considered a remote destination to reach -- despite a cable-car link -- and obsolete, compared to 21st century standards.
