MONT PARNES CASINO
Established in mid '60s, Mont Parnes Casino is the first ever casino in Greece. The Casino is situated at a magnificent location on the top of Mount Parnes, a few kilometres from Athens. Access to the Casino Complex is facilitated by cable-railway at the foot of the mountain. The property includes the Mont Parnes Hotel with a 233-bed capacity and the XENIA Hotel with 200 beds capacity. The XENIA Hotel is due to be reinvented with the finalization of the strategic investor’s investment program.
In June 2001, the Special Purpose Vehicle under the name of "HELLENIC CASINO PARNES S.A." (HCP S.A.) was set-up as an HTDC 100% owned subsidiary, aiming to become the administrative arm of the Casino operations. Privatisation procedures were initiated four months later (October 2001), aiming at the sale of a 49% stake of the SPV transferring management to a strategic investor.
The Company’s main objective was to secure the total renovation of the complex, the expansion of the casino, the upgrading of the XENIA Hotel and faster access to the Complex.
The consortium of “HYATT REGENCY-ELLINIKI TECHODOMIKI” named as Athens Resort Casino was nominated winner of the tender, acquiring 49% equity stake of the SPV. The privatization process was successfully concluded in 2002.
Privatisation proceeds included the acquisition price of €120 million, as well as guaranteed pre-tax earnings of €135 million over the following five-year period. Committed investments for the complete modernization of the complex reach € 100 million.