Hard Rock to bid for an Athens integrated resort with a USD 1.1 billion project

Hard Rock International officially announced Sunday the company’s participation in the Greek Government’s RFP (request for proposal) process to issue a license for an integrated resort and casino at the former Hellinikon Airport site in the historic city of Athens, Greece.

During a local press conference at the company’s Hard Rock Cafe in Athens on Friday, Chairman and CEO of Hard Rock International Jim Allen shared the company’s vision for Hellinikon. “We have always believed Athens to be one of the world’s great gateway cities and Hard Rock International envisions creating a must-see destination that will help draw from the over 120 million annual guests across 74 countries, driving year-round tourism and being an economic driver for Greece. This marks another step in the company’s efforts to expand our world-class brand of entertainment and hospitality to Europe.”

The announcement follows over a year and a half of work on the project and if awarded, construction for the project is estimated to take 24-26 months. The brand would invest over 1 billion euros (USD 1.11 billion), according to GTP Headlines. The bidder set to be awarded the license for the operation of the integrated resort and casino in Hellinikon will be announced on September 30.

“This announcement continues to illustrate Hard Rock’s commitment to Greece and the great city of Athens following our investment in the company owned Athens Cafe when no one else was investing during the financial crisis in 2014,” Allen continued, adding that he was very impressed on how the new Greek government was working so quickly to help the overall Hellinikon project begin.

If Hard Rock International wins the bid for the licence, the one-billion-euro investment will be financed with private capital and bank loans, both by foreign and Greek banks. According to Allen, private capital will be around 250 million euros.

Allen pointed out that Hard Rock International has a high investment grade rating by major agencies (S&P, Moody’s, Fitch) and is more than able to fund the project.

Allen surprised guests at the local press conference by unveiling a donation from renowned Greek songwriter and composer Mikis Thedorakis, who donated a handwritten orchestral score from the work “Refusal,” which was versified in 1960 in the poetic work of Nobel Prize winning Greek singer and songwriter, Giorgos Seferis. The lyrics were then reworked into song for the first time in 1962 by Grigoris Bithikotsis. 

Allen then revealed a second donation – the chaplet of Grigoris Bithikotsis. These cherished pieces of memorabilia that pay homage to the Country’s musical heritage will be added to Hard Rock International’s largest and most valuable collection of music memorabilia in the world.

Hard Rock International has venues in 74 countries, employs 45,000 people and expects $6 billion in turnover in 2019. Its operations include 188 Hard Rock Cafes, 240 Rock Shops, 29 hotels and 11 casinos.

Along with Hard Rock International, US-based investors Mohegan Gaming & Entertainment (MGE) has also made a bid. The planned integrated resort and casino in Hellinikon is part of a wider project (8-billion-euro investment) to develop Greece’s former Hellinikon Airport site into a multi-purpose hub complete with a metropolitan park, offices, shopping malls, cultural venues, health centers, educational and research facilities and a marina.