The weather has turned bad for the Ellinikon mega casino project.
The Maximos Palace is home to the government’s highest officials, including ministers, so they convened an urgent conference with the bankers there. The potentially disastrous megaproject’s financial parameters were discussed at the discussion, which was marked by tension.
Banks’ revised financing terms for the project are less favorable to investors GEK TERNA and Hard Rock than the original terms. The Banks reportedly want an extra 120 million euros from the 250 million euros already committed by the Hard Rock and GEK TERNA investors.
The Ellinikon Mega Casino Development Project in Greece
Investors reportedly have threatened to pull out of the project if a resolution cannot be reached. The proposal for disengagement from GEK TERNA and Hard Rock has been rejected by the government.
Over a 30-year period, the Greek government estimates that this investment will generate over €6 billion in income. In instance, over the next 30 years, the annualized fiscal gain is projected to be in excess of 200 million euros. However, it does not include online slot machines.
Casino gross revenue taxes accounts for an estimated €3 billion, while social security payments account for €1.1 billion, income tax accounts for €800 million, value-added tax accounts for €500 million, and municipal fees account for €600 million.
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