Greece to launch casino tender for €8b Hellinikon resort project

Greece is pressing forward with plans to get into the integrated resort casino business, motivated by the government’s need to ensure its international lenders keep the cash coming.

On Thursday, the Council of State, Greece’s top administrative court, approved the development plan for a major integrated resort project on the site of Athens’ former Hellinikon airport. The decision was then published in the official Government Gazette to ensure that foreign lenders wouldn’t miss the message.

Greece’s international bailout agreement calls for the government to receive another €5.7b tranche in March, on the condition that the government follows through on promised economic reforms, including the privatization of the Hellinikon project.

In Thursday’s Council of State ruling, the judges dismissed concerns that the project’s proposed high-rises violated local planning regulations, declaring that such deviations from the norm “are justified in serving the purpose of the public interest.”