Mohegan Gaming & Entertainment revealed it decided to scrape off its plans to establish a casino in Greece. The company is no longer involved in the integrated casino resort project it has been allowed to develop in Athens with a commercial partner.
According to an official company statement issued a couple of days ago, financial consideration became the reason why Mohegan Gaming & Entertainment withdrew from the project. In its statement, the company revealed it has thoroughly reviewed its operations and future projects in the conditions of the ongoing coronavirus pandemic. As a result, it decided not to take advantage of the concession rights it had been given for the Athens integrated casino resort project.
Mohegan Gaming & Entertainment noted that it is currently focused on its large undertaking at Inspire Korea that would consume the next few years. Withdrawing from the project is considered the right thing to do for both the company and its stakeholders.
The announcement made by the company owned by the Mohegan Tribe came as a surprise to everyone, considering the once heated competition with Hard Rock International.
Recently, the Hellenic Gaming Commission (EEEP) has recently amended the operating license for Inspire Athens – the casino resort project that was supposed to come to life as a partnership between Mohegan Gaming and Entertainment and the Greek construction company GEK Terna.
Mohegan Gaming to Keep Advisory Functions on the Hellinikon Casino Project for Now
The American casino and gambling operator posted a filing with the US Securities and Exchange Commission, revealing that it had transferred all of its equity ownership in Inspire Athens to its partner, GEK Terna, which has previously been the minority investor in the integrated casino resort project. The filing also noted that the Greek gambling regulator approved the transfer in October and the transaction is subject to further review by local regulatory bodies.
The Greek conglomerate GEK Terna is now expected to pursue to continue its work on the integrated casino resort project, which is supposed to occupy the former site of the Hellinikon International Airport, with another partner. As it became clear at the time when Mohegan Gaming & Entertainment revealed its decision, the company might continue as an advisor of the project.
However, the operator’s withdrawal could also provide its once fierce rival Hard Rock International a new chance to set foot in Greece. Reportedly, the Greek conglomerate is currently in discussions with Hard Rock over a possible partnership to form a consortium for the project.
Mohegan Gaming Entertainment received a casino operating license from the competent Greek authorities in October 2020. The company joined forces with GEK Terna to submit a development plan for the integrated casino resort that would include not only a casino but also a luxury hotel, a convention center, shopping, dining and other amenities, as well as premium entertainment venues.
As previously reported by CasinoGamesPro, the casino resort project has emerged as part of the proposed redevelopment of Athen’s former Hellinikon airport that was once estimated at a total of $9 billion. The integrated casino resort was supposed to be operated by the US gambling company that held the majority stake of 65% in the joint venture after winning a heated tender process for the right to establish the project.
