Porto Carras S.A., the company operating the Meliton and Sithonia hotels and the casino at the landmark resort in Halkidiki, ended 2025 with larger losses, despite keeping turnover broadly in line with the previous year.
At the same time, Belterra Investments, which is associated with Ivan Savvidis, continues to provide financial support to the company. Completing the renovation of the Sithonia hotel, which remained closed throughout 2025, is a central part of its plans for the resort’s future.
Belterra Investments acquired Porto Carras from Technical Olympic in 2020 under an agreement between the two parties.
According to Porto Carras S.A.’s financial statements for 2025, turnover was €17.36m, compared with €17.25m in 2024, a marginal increase of 0.6%.
However, the loss after tax widened to €12.1m, from €9.51m the previous year. Negative EBITDA also increased to €4.56m, from €2.11m in 2024, while gross losses rose to €2.65m, from €1.89m.
Renovation of the Sithonia
The company’s financial performance is also linked to the operation of the resort’s hotel facilities. In 2025, only the Meliton was open, from 18 April to 16 October, while the Sithonia remained closed because its renovation had not been completed. The casino, by contrast, operated throughout the year.
The hotel business grew, with revenue up 4.6% to €16.49m, from €15.77m in 2024. By contrast, revenue from casino operations fell sharply, by 41.7%, to €862,000, from €1.48m the previous year.
Completing the renovation of the Sithonia is a key part of the company’s management’s plans. It believes the upgrade will help attract visitors with higher incomes, increase average spending per visitor and improve operating profitability.
Belterra’s financing
At the end of 2025, Porto Carras S.A. had negative working capital, as current liabilities exceeded current assets.
According to the financial report, the principal shareholder intends to help improve the company’s financial position through a capital injection. As part of this, Belterra Investments made additional deposits of €3.96m during 2026, with a view to a future increase in share capital.
Also in 2026, the terms of a €5.5m bond loan were amended, of which the company drew down €4.27m. At the end of 2025, Porto Carras S.A.’s liabilities to Belterra under a bond loan stood at €68.24m, while other liabilities to the principal shareholder amounted to €6.21m.
Agreement with Sithonia Municipality
A separate development was the out-of-court settlement signed on 24 August 2026 between Porto Carras S.A. and Sithonia Municipality over the repayment of amounts the company had paid in cleaning and lighting charges. Under the agreement, the municipality is required to pay the company €4.23m, plus statutory interest at an annual rate of 6%, until the debt is repaid in full.
Auditor’s qualification
Grant Thornton issued a qualified opinion on the company’s 2025 financial statements. The qualification relates to the failure to carry out an impairment test on the casino operating licence, which is recognised at a carrying value of €4.11m.
The statutory auditor notes that the company has not carried out the relevant test to assess the licence’s recoverable amount, resulting in a qualification over its proper valuation and the potential impact on equity and the results for the year.
Outstanding matters and what lies ahead
The process of renewing and amending the resort’s environmental terms is also under way, following the addition of new projects. The company said the process was at the stage of obtaining opinions from the relevant authorities.
The Porto Carras resort comprises the Meliton and Sithonia hotels, with a combined capacity of 970 rooms and 2,400 beds, as well as the Village Inn, which has 97 rooms and is being renovated and upgraded to five-star status.
The resort also has a casino, marina, golf course, wellness and sports facilities, while its agricultural operations cover 7,400 acres of vineyards and other crops. Its facilities also include a winery, olive mill and bakery.