The Dream Island consortium, in which emerging market property firm Plaza Centers holds a 30 per cent stake, has won the first ever major casino licence in Hungary.
The mixed use, 350,000sq.m Dream Island complex will be developed in central Budapest at an anticipated cost of €1.5bn.
The consortium is comprised of Plaza, CP Holdings, MKB Bank and an unnamed company controlled by the managing director of the consortium.
It is intended that the scheme, which will include approximately 4,000 hotel rooms and apartments of different categories, a convention centre and multiple entertainment, retail and leisure venues.
The exclusive casino licence has been granted for 20 years from the date of opening of the casino, with a 10-year extension option, during which time no further major casino licences will be granted by the Hungarian government in the area of Budapest.
The casino will house over 200 gaming tables and over 4,000 slot machines.
Ran Shtarkman, president and CEO of Plaza, commented: "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."
