In two years from now, Voria will open its doors to its first visitors— the €380 million multi-purpose hospitality and entertainment complex being developed in Marousi by North Star Entertainment, with the total benefit to the government estimated at €700 million over the course of a decade.
The project, which also includes the relocation of the Parnitha Casino to Marousi, is currently under construction, and the goal is for its completion to inject new momentum into the region and strengthen the position of the northern suburbs on the country’s tourism and business map.
“We are not simply talking about a 380-million-euro investment, but about an investment that will create value far beyond the scope of the project itself. According to the latest studies, the total benefit to the government is estimated to approach 700 million euros over the course of a decade, and 2,000 jobs will be created.
However, the road to implementation was not easy. It is the result of a 30-year effort that faced numerous challenges. Until recently, the property remained outside the city plan—a situation that is unprecedented worldwide.
“It could be the plot of a movie reflecting the pathologies of the past that the country must rid itself of,” emphasized Yannis Tsirikos yesterday during the presentation of the project’s new plans (photo), CEO of North Star Entertainment, the entity behind the Project Voria investment, in which the Greek government participates through the Public Real Estate Company S.A. (ETAD) with a 49% stake and Athens Resort Casino with 51%.
“Our new logo features a compass, symbolizing our strategy and our focus on a clear goal. The message behind ‘Voria’ is simple: the compass in Attica points to Voria. It is not just a project; it is a direction toward investments with a meaningful impact,” added G. Tsirikos.
This project, which aims “to contribute to the country’s outward-looking stance and create value not only for its visitors but also for the city that hosts it,” is expected to create approximately 2,000 direct and indirect jobs, while, according to initial estimates, total revenue from Voria’s first year of operation is projected at approximately 140 million euros.
“Project Voria is not merely about relocating the Parnitha Casino to Marousi. It is a comprehensive urban regeneration project that will substantially upgrade the area and create a new landmark in northern Athens.
For ETAD, our participation in this project also reflects our modern approach to development. Our involvement in Project Voria is not merely a formality; it is strategic. “We chose to actively participate in a major development project in which we believe, focusing on what we know best: land and the value that can be created through its development,” noted Iro Hatzigeorgiou, CEO of the Hellenic Public Properties Company (ETAD).
The Project
At the heart of North Star Entertainment’s plan is the development of a 5-star hotel that will operate under the MGallery Collection brand of the French Accor Group. The hotel will feature 170 rooms and suites, modern wellness facilities and a 2,000-square-meter spa, dining and leisure areas, a swimming pool, as well as conference facilities including an amphitheater with a capacity of 1,100 seats.
As for the casino, which will be relocated from Parnitha, it will be a state-of-the-art entertainment destination offering an enhanced gaming and entertainment experience, brought to you by Regency Entertainment. The casino will feature 60 gaming tables, 1,100 slot machines, electronic terminals, as well as VIP lounges, restaurants, and bars.
As part of the project’s development—which had previously sparked controversy, with several opponents appealing to the Council of State— plans also include the creation of new outdoor public spaces and green areas covering 30,000 square meters, as well as the upgrading of traffic infrastructure, which is a prerequisite for the operation of the new multidimensional hub at the Dilaveri Estate.
Regarding the traffic infrastructure, 3,500 square meters will be allocated for traffic improvement projects on Kifissias and Spyros Louis Avenues, as well as on adjacent streets, including two new grade-separated interchanges.
“This particular property remained undeveloped for more than 45 years. For 45 years, the property and the entire Dilaveri area could not be incorporated into the city plan. With the Special Urban Planning Scheme, the property was incorporated into the plan. “We now estimate that the relevant urban planning study will have been approved by the Council of State by the end of the year and will have been published in the Government Gazette,” emphasized Spyros Tsagaratos, president and CEO of the architectural firm ASPA-KST, which, together with the American firm “WAGT,” prepared the architectural designs for the project.
He also pointed out that the goal of the design was to differentiate the uses of the hotel and the casino. “We are creating a landmark on Kifissias Avenue,” he said.
The Next Chapter for Parnitha
The relocation of the Parnitha Casino will be accompanied by the reconstruction of the Mylonas Tower, as well as the restoration of the natural landscape where the historic Mont Parnes currently stands, with the related costs estimated at 19 million euros.
At the same time, for a period of five years from the start of Voria’s operations, North Star will provide financial support for initiatives to protect and promote the Parnitha National Park, as well as for maintenance work on the cable car. Both the building and the cable car will be transferred to ETAD and the local government.
In this context, in fact, the CEO of ETAD announced that a tender would be issued before the completion of the casino’s relocation to Marousi for the development of the Mylonas Tower in order to “listen to the investment community as well,” as she specifically emphasized.
“Following the relocation, the Mont Parnes property will be returned to ETAD. It is a unique asset, with distinctive natural, historical, and architectural features, located in an area of exceptional environmental significance for Attica. And precisely because we recognize its importance, we are not passively waiting for the relocation to be completed.
“We have already systematically begun exploring ways to make the best use of it, through organized planning and with the aim of examining investment opportunities that will further highlight the value of this property,” noted Iro Hatzigeorgiou.
It should be noted that the Greek government, through ETAD, and Athens Resort Casino hold stakes in North Star Entertainment’s share capital. Regency Entertainment S.A. holds a 70% stake in the latter, while the remaining 30% is controlled by Karenia Enterprises Company Limited, which is controlled by funds linked to the Laskaridis and Kokkalis (Intracom) groups.