Hungary may spend $57 mln to lure casinos
Friday, February 3, 2006, 15:43
Hungary's government may spend as much as Ft 11.8 billion ($57 million) to lure a casino project to the country, Világgazdaság reported, citing an executive of a gambling investor. The country's government may give €14 million in grant money and €32 million in refundable tax breaks and other subsidies to Lukale Investment & Development AG, which plans to spend €228 million to build casinos in the country, said Anikó Rada, a representative of the company.
Vienna-based Lukale plans to build casinos and luxury hotels as part of a €400 million project dubbed Eurovegas, which will be overseen by Ellis Gaming LLC, according to the newspaper. Construction at a site in Hungary near its borders with Austria and Slovakia is scheduled to start this year. The plan includes the construction of five casinos and adjoining hotels in the next two years.