Hungary has awarded its first major casino license to a consortium that plans to build a €1.5 billion entertainment complex called Dream Island on Obuda Island in the Danube River in central Budapest.
Dream Island is to be a 35,000 square-meter area consisting of multiple hotels, leisure apartments, a convention center, an opera house, a theater, a marina, a shopping and entertainment center, a Roman cultural museum, parking facilities and a casino.
The casino's license spans for a period of 20 years beginning on its opening date, during which time the Hungarian government shall grant no other major casino licenses in the Budapest area. There is also a ten-year extension option.
"This mega development is in a prime location and will become a leading leisure and entertainment resort that will attract visitors from across Continental Europe and overseas," said Ran Shtarkman, President and CEO of Plaza Centers, a property developer with a 30 percent stake in the Dream Island consortium.
"Europe, unlike the rest of the world, has never had access to substantial gambling-led destinations such as Las Vegas and Macau. On completion, Dream Island will fill this gap for the 350 million people who live within two hours flying time of Budapest, sparing them from long continental flight times and enable them to enjoy, relax, gamble and entertain themselves in a mega resort of the biggest magnitude in Europe."
According to Plaza Centers' press release announcing its receipt of the license, other consortium members include: "CP Holdings Ltd, a member of the group of companies controlled by Sir Bernard Schrier and the owner of the Danubius group of hotels (30% direct interest), MKB Bank, a Hungarian commercial bank which is a subsidiary of the German Bayerische Landesbank (30% indirect interest), and a company controlled by the managing director of the Consortium (10% direct interest)."