The VORIA project in northern Athens is about to start

Updated: Nov 20, 2020

The VORIA project is a € 200 million tourism investment in the northern suburb of Athens. This includes the relocation of the Parnitha Casino (operated by Regency) as well as construction of a 5* hotel, restaurants and other amenities.

Athens, Greece: 23 October 2020

The VORIA project is the biggest tourist investment in the north suburbs in Athens. It is expected that the creation of the tourist complex will upgrade the region and create conditions for multilevel development for the whole Attica.

The VORIA project will house the historic Casino of Parnitha. The decision for the relocation for the Hellenic Casino Parnitha, follows an amendment in legislation on gaming in Greece, which allows for it to move to an urban area closer to the city’s centre. It is expected that the Casino will create 1,000 new jobs.

The VORIA project will be implemented in a land plot of 55,000 sq.m. The Project will include:

A 5* hotel
The Regency Casino
Restaurants
Culture, events and leisure areas
Underground parking

The Greek State will continue to hold 49% of the Hellenic Casino Parnitha’s shares and the investment will be implemented at the cost of private shareholders. It is expected that in addition to increasing revenues for the State, the new complex will enhance the value of real estate in the area.

The VORIA Project will also create the positive effect for the residents, since 25,000 sq.m. of the area will be given to the local communities for public uses, different activities and sports.

New lanes, sidewalks footbridges at the junction of Spyrou Louis Street and Kifissias Avenue in combination with the new METRO station are foreseen to be constructed in the scope of the Project.

According to Giannis Tsirikos, the CEO of Hellenic Casino Parnitha:

“We are putting forward the future, through an emblematic investment designed with the environment in mind, the balanced development and the diffusion of benefits to as many as possible, from the Greek State, to the inhabitants of the area. In a difficult period for Tourism and the Economy, we are making a significant investment which releases the real dynamics not only of the region, but of the whole of Attica ".

Mr. Anastasios Homenidis, Management Consultant of Hellenic Casino Parnitha SA, stated that

"This is a modern, highly aesthetic pole of tourism and leisure that contributes to Attica to acquire the place it deserves on the world map. But it is also a resounding message of confidence, which serves as a call for new investments in Greece.”

According to the VORIA’s press release, with the completion of the investment and the relocation of the Casino, a new chapter opens for the Parnitha National Park. A study for the restoration of the natural landscape will be prepared and implemented at the expense of "Hellenic Casino Parnitha SA".

Navigator Consulting supports investments in Cyprus and Greece, and has extensive experience in due diligence on different sectors’ investments.

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

VORIA

VORIA. 23 October 2020

Regency Entertainment to move Mt. Parnitha Casino to Athens suburb

Greek Travel Pages. 29 January 2019

Coronavirus Update: November 2020

Navigator Consulting. 3 November 2020

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