Eighth Wonder and Publishing and Broadcasting Limited (PBL) may have lost out in their Singapore bid but now have plans for a casino complex in Hungary. EuroVegas is a project that could include five casinos in the north-west of Hungary, close to the borders with Austria and Slovakia. A series of hotels and a giant amusement venue would also be built with the aim of attracting wealthy Russian gamblers.

Other investors in EuroVegas are London hedge funds, and the Austrian Asamer Group is selling an 80% stake in the land and gaming licences for EuroVegas. This month Australia’s PBL has already invested in casino deals in Canada and the US. An initial €137.5 million has been raised for the project, which is for a 240 hectare site.

Two years ago Hungary made changes to its gambling law, which has led to the proposed development of EuroVegas. Asamer describes the scheme near the town of Bezenye as being one that offers extraordinary potential for development of the region, and describes EuroVegas as an ambitious recreation and entertainment project. It is anticipated that work will begin next April. (E-04.30.07)

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