After the financial crisis and a protracted dispute, it appears that construction of the 300-million-euro Eurovegas development on 160 hectares at Bezenye near the Austrian and Slovak borders in north-western Hungary is to go ahead, business daily Napi Gazdasag reported on Wednesday.
The entertainment complex is planned to be central and eastern Europe’s biggest tourist development. Austrian investors won a 20-year licence to operate a big casino at the site in 2006. The complex was originally scheduled to open in 2010.
Earlier press reports said that the investors had to pay HUF 1.37m a day in contractual penalty for not starting operations by the first day of January 2011 under their contract.
In the first stage a 350-room Hard Rock Hotel, a 4,000 capacity conference centre, restaurants and a Las Vegas-style casino will be completed in 18 months.
The project is expected to create 11,000 jobs and generate significant budget revenues. Even during the construction phase, 35 billion forints (EUR 123m) is expected to flow into the central coffers, the paper said.
Investors told the paper that the financing was taking shape nicely.