GAMBLING magnate James Packer has teamed with US-based resort developer Eighth Wonder Capital and Guggenheim Partners for his third casino.
€137.5 million ($A226 million) has been invested as the initial amount to build a Hungarian casino complex called EuroVegas.
EuroVegas will be a Las Vegas in the heart of Eastern Europe with five super casinos to be located close to the town of Bezenye, Gyor-Moson-Sopron region in north-west Hungary. The project will include a series of hotels and a giant amusement arcade centre.
The funds will be used to buy an 80 per cent controlling interest in the land and gaming licences for EuroVegas and the remaining 20 per cent will be controlled by Austrian hotel company Asamer Group, which is selling the 80 per cent stake and will be the local development partner.
Work on the 240 hectare site is expected to begin in April next year.
Source: Telegraph
