ATHENS – With a duel to get a vital casino license central to the $8 billion development of the abandoned Hellenikon International Airport down mainly to two US companies, Hard Rock said it would aim to bring in international travelers and make the destination a magnet for them.
The other bidders are Connecticut’s Mohegan Gaming Entertainment and possibly Malaysia’s Genting whose interest has been wavering, with the two American companies slugging it out for the business as the new New Democracy government has accelerated the development’s push.
The tender is due Oct. 4 and Hard Rock’s second-in-command, Edward Tracy, who heads its Asian business, came to the Greek capital to outline his country’s plans to the business newspaper Naftemporiki about the long-delayed project that stagnated for 4 ½ years under the former ruling Radical Left SYRIZA which had elements trying to keep out foreign companies.
He said with Prime Minister Kyriakos Mitsotakis accelerating the project and promising to get it going by year’s end that he was “very satisfied” with the new government’s business-friendly approach after SYRIZA kept putting up obstacles.
Tracy said there’s now an expectation of lower corporate tax rates, with the timing right for anyone to invest in Greece after New Democracy cut the SYRIZA rate from 29 percent and said it would eventually be cut to 20 percent.
Tracy added the budget for the proposed Hard Rock casino resort will be valued at one billion euros ($1.09 billion) and would be as spectacular as the group’s unique $1.5 billion venue that will open in Hollywood, Florida this year.
He said he was confident that the Greek development company Lambda, which wants to buy out its consortium partners, China’s Fosun and Abu Dhabi’s Eagle Hills, could transform the 620-hectare (1532.05 acres) site of prime land that is now overrun with weeds, deteriorating buildings and rusting aircraft.
Tracy noted Lamda Development was a “smart company”, with Hard Rock glad the Greek firm wanted to become the sole investor.
Read more at thenationalherald.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Ralf Roletschek
