US gaming and hospitality operator Mohegan Gaming & Entertainment and GEK Terna, Greek construction giant, announced on July 4th, 2019 that they had joined forces in an attempt to bid the rights to build a casino resort at the former Ellinikon Entertainment Airport site which would be part of a larger complex.
Lamda Development, a Greek developer company, has talked of plans to redevelop the former airport located near Athens to become an $8 billion integrated resort which will feature amenities like MICE facilities, a yachting marina, luxury residences, a casino complex, several food and beverages outlets, retail centers, hotels and entertainment facilities. This will be made possible, according to the developer, with the backing they have received from the Gulf and Chinese investors.
February 2019, saw the regulatory body, Hellenic Gaming Commission, launch a tender for the casino section development in the resort. The tender has seen many gaming and hospitality operators developing an interest in participating in the bidding process but it is the partnership between Mohegan Gaming and Terna that has come out as the first bidder to confirm their interest.
The partnership between the two firms has been seen as a boost for the mega-scheme that for long has been experiencing multiple delays.
The casino license will cover 30-years and since the bidding process was launched in February 2019, there was a time frame put till April 22nd, 2019, which would see all the interested parties submit their offers. Among the requirements were a minimum offer set at $30 million which the bidders would ensure they meet. One of the reasons, the mega-scheme has been experiencing delays is as a result of the multiple deadline extensions from the Greek gambling regulatory body. The interested parties will now have until July 31st to have their submissions handed over.
Mohegan on the road
The partnership between the operator and GEK Terna comes in the wake of the operator making inroads and one such is the Japan expansion ambitions which the operator is keen about. The Japanese government is looking to award up to three casinos licenses and Mohegan Gaming is looking to grab the opportunity to have at least one of the three licenses.
The location the operator has eyed to provide its operations is on the City of Tomakomai located on Hokkaido Island. In the event they win one of the casinos, the operator is looking to invest between $3.5 Billion and $4.5 Billion in a resort’s development.
The resort in question will feature an arena, a casino, three hotel towers and a conference wall. Other amenities will still be expected. There will also be some outdoor activities offered which will include farming, cross-country skiing and horse riding. There will also be a unique museum incorporated that will celebrate Ainu’s people of Japan culture and that of the Mohegan Tribe. There is also the talk of the operator bidding an integrated resort in Incheon, South Korea.
If the Greek casino license is won by the partnership, GEK Terna will have its second major casino project after its partnership with J&P Avax, earlier this year, was granted the license to develop the City of Dreams Mediterranean integrated casino resort in Cyprus. The construction began this year April and is expected to be completed by late 2021.