MGE assures that the company is ready to continue with the IR project aimed at transforming the area around Athens’ airport.
Mohegan Gaming Ready to Go as Planned for the IR in Athens
Mohegan Gaming and Entertainment (MGE) announced this Monday that the company is ready to go ahead as planned for the integrated resort project in Athens, Greece. Although MGE has indicated readiness, the other player in the race, Hard Rock International, doesn’t consider the bidding to be over.
Last week, Hard Rock appealed the decision which ruled in favor of MGE for the Hellinikon gaming project. Following an appeal rejection, the company is looking to address the issue in Greece’s Administrative Court. Due to those disputes, MGE, although prepared to push the project into its next phase, will have to patiently wait for the outcome.
Hard Rock International Still Pushing for the Hellinikon Project
Although the final decision rests in the hands of the Greek Administrative Court, Hard Rock is clearly showing that they won’t give up on the project that easy. Considering that the initial license rejection was given under pretext of not following timelines, back in April, Hard Rock showed doubt that Mohegan Gaming can cope with a project of the scale Athens’ future casino would require, citing the financial trouble of the company as well.
“Hard Rock is the only company to have developed a project like this before and they will do it again.” said Michael Karloutos, a Hard Rock International spokesperson. One thing is for sure, such rivalry involving industry giants might lead to delaying the Athens’ project with years.
MGE IR Resort, a Near $9 Billion Investment
MGE is yet to be announced as the winner in light of HRI’s continuous attempts to fight the issue in court. However, MGE is already looking to begin preparation. MGE is looking to partner up with the Greek construction company GEK TERNA. The former Athens airport is to be transformed into a top-of-the-line convention center, hotel as well as casino and retail spaces.
Mohegan Gaming CEO Mario Kontomerkos commented on the subject: “Mohegan Gaming Entertainment is fully committed to turning Greece into a top destination for entertainment and business conferences in Europe.” Furthermore he noted that as soon as the Greek’s authorities announce the final decision, MGE is prepared to start the construction.
The development itself is valued at about $9 billion, which will inevitably help the Greek government. It has only been a few years since Greece came out of recession, and the combined economic boost from the project’s development investment and subsequent tax revenue will be an important source of revenue to the government.
The MGE project is expected to create some 7,000 workplaces but also it is looking to attract tourists in the thousands.