Signing of the Land Agreement for the concession of land in The Ellinikon in relation to the development of the Integrated Resort Casino (IRC)
Maroussi, 9 September 2022
LAMDA DEVELOPMENT S.A. (the “Company”), in accordance with Regulation 596/2014/EU and the Athens Exchange Regulation, each as applicable, announces the signing on 09.09.2022 of the Land Agreement between HELLINIKON S.M.S.A. (100% subsidiary of the Company) and the company IRC HELLINIKON S.A., for the concession of a land in The Ellinikon to IRC HELLINIKON, on which the latter has undertaken to develop the integrated tourist resort-casino [“Integrated Resort Casino” (IRC)]. The duration of the Land Agreement is30 years.
The said development will consist of a five (5) star hotel, a conference and exhibition centre as well as an arena for sports and/or cultural events and a casino. The development of the IRC will occur in accordance with the provisions of the Concession Agreement between the Greek State and IRC HELLINIKON, ratified by law by the Hellenic Parliament (L. 4949/2022 – FEK Α’ 126/30.06.2022), and is estimated to be completed within three (3) years from the commencement of the relevant works
Commenting on the said agreement, LAMDA Development CEO, Mr. Odisseas Athanasiou,said:
“Another agreement for the landmark project The Ellinikon has been completed. Τhe modern, of high international standards, tourist resort will attract thousands of visitors from Greece and abroad, contributing to our vision that The Ellinikon becomes a reference point in the international environment.”
Commenting on the said agreement, IRC HELLINIKON Chairman, Mr. Manos Moustakas, said:
“Today we take an important step towards the commencement of construction of the Integrated Tourist Resort-Casino in the heart of the Athens Riviera, which is also on the largest investments currently being undertaken in Greece, with multiple benefits for our country.”