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IYATT IN THE 51% OF THE CASINOS PARNITHAS sold out … We achieved a Bounty STILL PUBLIC …

(Title)  The control of Iyatt Regency Hotel and SA tourism goes according to information in the arbitration fee of 2% of the Casino Mont Parnes, leading a consortium to raise the rate to 51%. The price for the 2% down to 7.2 million. The Secretary for Privatization Mr. Christodoulakis asked by “Tribune” reported that, to my knowledge, “not out of the arbitration. The same support and the Iyatt, but the information they insist that the decision has left but still has not engross and attached to the parties.

Recalled that in 2003, paying 110 million company Iyatt Regency Hotel and Travel, which includes the Iyatt 70% and 30% ELLAKTOR, won the tender and acquired 49% of the casino and the management.

The consortium, based on the time the contract had the right to buy 2% of the casino by acquiring 51%, and the right of first refusal for the remaining 49%. Enabling the option for 2% would be completed when the project had undertaken to implement the company (build five-star hotel). But this is not done because, as claimed by the company, authorized the reconstruction of Mont Rarnes not yet been issued by the competent authorities. Already the company has progressed to invest EUR 70 million on upgrading the interiors of a casino but rather the operation of a new lift and executives say that when they receive their licenses will be ready to invest 150 million euros for the hotel . The Iyatt but “bait” to another provision of the contract to claim the 2%. In particular, the contract provided for the acquisition of 2% and if passed five years of signing the contract with the State in 2008. The Iyatt relied on this provision, the previous government was willing to sell 2% and the case went to arbitration, which vindicated the Iyatt. Indeed the 7.2 million 2% automatically evaluate the remaining 49% close to 180 million. Recalled that the present government’s intention is to proceed with privatization of 49%. Certainly the first floor will have Iyatt, not only because it has a right of first refusal but it will be difficult to find a businessman who wants to buy nearly half the shares in a company (49%) and have any say in management decisions, after 51% and the management will hold a Iyatt. In 2009, casino revenues reached 181 million and profits to 21.6 million. The license is exclusive Parnes Casino in the region of Attica expires in 2015.

Pinch TV
8-8-2010

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