North Star Pushes New Casino in Athens on the Back of Record Tourism Growth

North Star Entertainment reinforces its commitment to Athens as a booming tourist destination with the development of the Voria hotel and leisure complex, currently under construction in Maroussi, north of the Greek capital. The project will include the move of the historic Mont Parnes casino from Mount Parnitha to a more accessible and urban location, with the aim of attracting a greater influx of national and international visitors.

The strategy is outlined in a valuation report recently published by the company, which links the sustained growth of tourism in Athens with the expected increase in demand for the new resort.

North Star Entertainmentis a company 49% owned by the Greek State, through the Greek Public Properties Company (ETAD), and 51% by Athens Resort Casino. The latter is a subsidiary of Regency Entertainment, a group controlled by the Laskaridis (Lampsa Group) and Kokkalis (Intracom Holdings) families, owners of the Parnitha and Thessaloniki casinos.

The numbers

According to the report's projections, the Voria complex will generate revenues of close to €25 million in its first years of operation, with progressive growth to reach almost €200 million within a decade. Operating profitability would follow a similar evolution, going from a few million in the initial phase to around 90 million euros in the long term.

Work began in October 2024 and the project is scheduled to be completed and fully operational in spring 2028. The development will include a five-star hotel, congress spaces, a theatre and a state-of-the-art casino.

In terms of casino activity, annual visits are estimated to increase from 1.37 million in 2028 to approximately 1.68 million in 2032, representing a growth from 3,760 to 4,608 daily visits. The average gross income per visitor would also grow, going from 93.5 euros to 97.5 euros in the same period. The casino will initially have about 837 employees, a figure that could rise to 850 in five years.

For its part, the hotel, which will have 140 double rooms and 10 suites, would reach a stable occupancy rate of 85% from 2031, consolidating the complex as one of the new high-end leisure and tourism hubs in the Athens metropolitan area.