Business News
Hungarian backwater slated to become Europe's Las Vegas
Jun 26, 2009, 18:01 GMT
Budapest - A remote corner of north-west Hungary will soon be home to the largest casino complex in Europe, the US firm Hard Rock International told reporters in the capital Budapest on Friday.
Hard Rock, in partnership with two Austrian firms, will plough some 7 billion dollars into the project over the next ten years, said Jim Allen, president of the Native American owned Seminole Hard Rock Entertainment.
The first casino and hotel should open their doors in 2012. Further construction will begin in 2014, Allen said.
The consortium owns a 335-hectare site close to Hungary's border with Austria and Slovakia, 80 kilometres east of the Austrian capital Vienna.
In 2006, the group secured permits from the Hungarian government to run up to five casinos, with an unlimited number of gaming tables, for at least twenty years.
The Seminole tribe of Florida bought the Hard Rock business from the UK-based Rank Group in 2006 for 965 million dollars after making a fortune in the gambling business.
As well as dozens of its well known Hard Rock Cafes, the group also owns casino and hotel complexes in Florida and Macao.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
