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Israelis Investing In Crete Tourism
Israeli group to invest 500 million euros in Crete tourism project
Feb 25, 2013
HERAKLION, Crete - An Israeli business group intends to develop a tourism investment worth 500 million euros on a 2.5-square kilometer plot on the island of Crete, its representative has told the mayor of Hersonissos, Zacharias Doxastakis.
Part of the plot is located next to the site of a new road junction that will be created to serve the new municipal airport. Another part, which is privately owned, currently operates as the only 18-hole golf course on Crete. However, Doxastakis told Kathimerini that the group’s representative said that the investment would only go ahead if the Greek state speeds up its licensing procedures.
The investment program provides for the creation and operation of a five-star hotel unit comprising luxury tourism accommodation, a conference center, a spa, sports facilities, a shopping mall, a Cretan theme park and a casino.
The investors are asking the Finance Ministry to activate a law dating from 1994 which provides for the operation of a casino on Crete. Meanwhile, Cretan entrepreneurs as well as casino market sources say it would be best to have two casinos, one in the eastern part of Crete and another in the west.