Latest obstacle in Helleniko project affects Integrated Resort Casino tender | TornosNews.gr

Monday 25th November 2019

A relevant competition committee tasked with overseeing an international tender for an Integrated Resort Casino (IRC) at the Helleniko property development site in southeast coastal Athens will reportedly need another week to validate the legal and financial documents submitted by the two suitors that have submitted binding offers, naftemporiki.gr reports.

Reports note the delay in the process is due to omissions in the documentation supplied by one of the two suitors, with even a detail emerging, namely, that a letter of guarantee included in the offer dossier is short by four days that the prescribed length.

The first reactions point to a further delay in the entire IRC tender and selection, with more than three months now cited for its conclusion, possibly more than six months.

Finalizing the IRC contact is imperative for completing the entire concession deal for the Helleniko site between Greece's privatization agency (HRADF), acting on behalf of the Greek state, and ATHEX-listed Lamda Development. A 300-million-euro down payment is due once the concession contract is concluded, opening the way for Greece's biggest and most iconic privatization, the more than seven-billion-euro Helleniko property development project.