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Mohegan’s technical offer for the casino in Elliniko is accepted

The evaluation of the technical offer submitted by the sole claimant of the casino license, after the exclusion of the American Hard Rock, is the second stage of the process. The next steps and the appeal of Hard Rock.

The technical offer of the joint venture of the American Mohegan Gaming & Entertainment with GEK TERNA for the construction and operation license of a tourist complex with a casino in Elliniko was accepted by the tender committee. Within the next few days, the decision is expected to be approved by the board of the Gaming Supervision and Control Committee (GSCC).

The evaluation of the technical offer submitted by the sole claimant of the casino license, after the exclusion of the American Hard Rock is the second stage of the process.

Hard Rock, which has already appealed to the Council of State (CS) and seeks annulment of the decision by which it was excluded, has the possibility to appeal against the decision of the GSCC for the technical evaluation, depending on when the decision will be issued by the SC and what it will provide.

The decision of the Supreme Court, which is expected within days, will judge the overall development of the competition. If the decision is positive for the GSCC, as they believe in the government, then the process can proceed to the final stage, with the opening of the financial offer. Of course, the Americans of Hard Rock also have the “weapon” of appealing to the European Court, which is unknown whether they will use it.

The procedure provides that after yesterday’s approval of the technical offer, the financial offer will be opened (subject to a positive decision of the CS). If the financial offer is considered sufficient, then negotiations will begin to finalize the terms of the 30-year concession agreement. The contract must then be approved by Parliament, so that the construction and operation period of the complex can begin.

The technical evaluation took into account four points of the offer: the hotel that must be at least five stars, with at least 2,000 beds and covering at least 60,000 square meters, the conference center, the small stadium (with a capacity of at least 3,000 spectators) and the casino (at least 1,200 VLTs, 120 tables for other games of chance, etc.).

According to the tender notice, the bidder is required to pay both an initial price for the license and an annual price (he will pay it from the third to the twenty-fifth year) for the 30-year concession period. The minimum initial price has been set at 30,000,000 euros, but the total investment promoted by the Mohegan – GEK TERNA scheme is approaching one billion euros.