North Star Entertainment is banking on Athens’ steadily rising tourism flows to support visitor demand at the Voria hotel and entertainment complex under construction in Maroussi, northern Athens, where the Mont Parnes casino is due to be relocated from its current site, further out north, on Mount Parnitha.

The strategy is outlined in a valuation report recently published by the company.

North Star Entertainment is jointly owned by the Greek state, through the Greek Public Properties Company (ETAD), which holds a 49% stake, and Athens Resort Casino with 51%. Athens Resort Casino is a subsidiary of Regency Entertainment, owner of the Parnitha and Thessaloniki casinos, controlled by the Laskaridis family (Lampsa Group) and the Kokkalis family (Intracom Holdings).

Based on the report’s assumptions, revenues from the complex are estimated at around €25 million in its initial years of operation, rising to nearly €200 million within a decade. Operating profitability is forecast to follow a similar trajectory, increasing from a few million euros in the early phase to about €90 million over time.

Construction began in October 2024, with the project expected to be completed and fully operational by spring 2028. The development will include a five-star hotel, conference facilities, a theater and a casino.

Casino visits are projected to rise from 1.37 million in 2028 to around 1.68 million annually by 2032, equivalent to an increase from roughly 3,760 to 4,608 visits per day. Average gross revenue per visit is expected to climb from €93.5 to €97.5 over the same period. The casino is set to employ about 837 staff initially, rising to 850 within five years.

The hotel, comprising 140 double rooms and 10 suites, is expected to reach a stable occupancy rate of 85% from 2031 onward.

Source: Ekathimerini.com