The Greek government’s planned privatisation of Athens airport is putting pressure on Greece’s Hellenic Gaming Commission (HGC) to speed the launch of their tender for the planned Hellinikon Integrated Resort Casino, an estimated €8 billion venture.
The reason for this pressure, along with a recent government-imposed deadline for launching the tender, is that the issuance of a casino license is a required component of the deal – and the deal permits the airport’s privatisation. The HGC has now commenced an open consultation prior to the tender being launched.
The intent seems to be to channel some of the disposable income of Greece’s more economically fertile population towards a stronger national economy, and to start to make good on some of the still economically vulnerable country’s debts to the Eurozone.
The plan is for a full integrated resort, featuring a high-rise hotel accommodation and a marina where the high rollers’ yachts can moor up.
The bid itself looks set to launch very soon. The HGC has already requested the submission of proposals to their offices. The license will be granted for thirty years and aims to create an estimated 10,000 construction jobs and 70,000 direct and indirect jobs over the course of the first five years of operation.
Caesars Entertainment have shown marked interest in the bidding. Other contenders are, as yet, unreported.
As with the Cyprus Casino venture, issues surround construction. Complaints have been raised about the process of ensuring that the environmental impact is minimized. Furthermore, the economic benefits of the resort depend, at least in part, upon how the consortium and the government manage and mitigate the social costs of the gambling which goes on there.
There’s also the issue of protecting the more vulnerable participants, or those with economic challenges, who may unwisely choose to play. Greece has been hit by bad economic times already, and bad dreams may come to those already under pressure. A dream, a casino and a tight budget can be a recipe for disaster. These folks in particular need protection from the potential negative impact of increased access to gambling facilities.
