Growth of the Greek Casino Field: Positive News About the Hellinikon Resort
The Greek authorities have decided to create a Hellinikon casino resort on the territory of a closed airport. This project costs 8 billion euros, and the entertainment area itself will occupy 700 hectares.
Public servants expect that the complex will create more than 85 thousand job opportunities (10 thousand during the construction of the resort and another 75 thousand after putting it into operation) and will stably bring millions of dollars to the government’s balance sheet.
The Hellinikon airport is located on the coast of the Aegean Sea near Athens. It was closed in 2001, and since then, the territory has not been used according to its intended purpose. The Supreme Administrative Court of Greece approved a decree of the government, so the appearance of an entertainment zone on the territory of the airport is a closed issue.
Not all locals are delighted about the fact that the largest gambling establishment in Greece will open in close proximity to them but the expected income from the casino is too high for the government to give up on it.
The list includes:
- The casino. This is the key object of the resort with an area of 15,000 square metres. Here, 120 gaming tables and more than 1,000 slot machines will be installed.
- The hotel. Hellinikon will receive tourists from different countries. They will be provided with apartments in a luxurious five-star hotel.
- Conference rooms. Hellinikon will become not only an entertainment centre but also a business centre. Here, everything will create a good atmosphere for conducting business.
- The Metropolitan park. The government is planning to open a green recreation area, which in terms of scale and popularity, will be able to compete with the Hyde Park in London.
- Shops and restaurants. Many entrepreneurs will have an opportunity to open their own business, which is not related to the casino field.
- The marina. A warm Aegean sea is a perfect place for lavish vacations on yachts.
Also, in Hellinikon, there will be educational facilities, comfortable residential areas, museums, and resorts. Thanks to the new project, the casino sphere in Greece will receive a powerful boon and bring good profit to the country.
Experts have calculated what amounts of money should be invested in the realisation of the project, and the expected profit from this business. Please find hereby the table of these indicators:
The sum of money
Investment in the new project
8,3 billion euros
The expected profit during the first year of operation
4 billion euros
The anticipated annual income of casinos
0,7 billion euros
New job opportunities
75 - 85 thousand
Another advantage is that after the appearance of a large-scale entertainment zone, Athens will become an all-year tourist destination, which guarantees stable financial receipts to the country's budget.
It is obvious that the construction of the Hellinikon casino resort solves many economic and social problems in Greece, promotes the development of gambling in Europe, and has a positive effect on the development of the online business through communications.
Many giants of the gambling market are interested in building a new casino resort.
The application for a license was filed by:
- Hard Rock International (USA);
- MGE (USA);
- Genting Malaysia (Malaysia).
The Caesars brand will probably also join them. This corporation owns a hotel and a casino in Las Vegas. Its representatives stated that they were ready to deal with all paperwork for the construction of a new resort but they have not made any petition yet.
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