Greece’s Council of State has finally approved a E8bn integrated resort development in Athens after four years of legislative delays.
The development, built on 620 hectares of the former Hellinikon airport, is a venture between local firm Lamda, the Fosun Group and Abu Dhabi developer Eagle Hills Properties, jointly named The Global Investment Group.
“The Hellinikon Project investment is expected to contribute to the country’s GDP by 2.4 percent until the development completion date,” said a statement from the conglomerate.
“Contributing a total of over E14bn in taxes to the Greek State over the same timeframe.”
The granting of the 99-year lease also fulfills an outstanding obligation of the country’s third fiscal review, facilitating a E5.7bn economic contribution from international creditors throughout March.
The government launched a tender for the development’s new casino licence on 22 February, before hiring an independent advisor for the process.
The Hellinikon approval also follows legislative amendments in mid January approving three new casinos in the country, abolishing entry fees, allowing the relocation of the country’s nine existing venues and approving the extension of E50k in credit to select players.