December 12th, 2008

Environmental impact study could delay €700 million “Eurovegas” project

By MTI

The deadline for the start of operation of a EUR 700m casino complex to be built near Hungary’s border with Austria could be overstepped if Austria demands an environmental impact study for the project, business daily Vilaggazdasag reported on Thursday.

Project company Errichtung Eurovegas Hungary, owned by Austrian developer Supersberger Projektentwicklungs, signed a concession to contract to operate at least five casinos in 2006. The contract stipulates that the first casino must start operating by November 1, 2010.

If Austria asks for an environmental impact study for the project, which it would likely do no earlier than January, it could result in a delay of at least six months, experts told the paper.

If the project company fails to meet the November 2010 deadline, Hungary may break the concession contract, according to the Finance Ministry.

Supersberger managing director Alfred Supersberger does not count on a significant delay for the project.

Errichtung Eurovegas plans to build two casinos and two luxury hotels between Bezenye and Hegyeshalom. Further developments could be made later, depending on the success of the casinos.

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