The €1.5bn (£1.19bn) development is being hailed as Europe's version of Las Vegas and is predicted to boost Budapest's attractiveness to investors. In addition to 430,560 sq ft of gaming space, the scheme will include approximately 3,000 hotel rooms and 1,000 leisure apartments, a convention centre for 3,500 delegates, a 1,500 seat opera house, a 3,500 seat multi-purpose theatre and a marina with space for 300 vessels.
'This is excellent news for Budapest which is already a popular destination for young people and property investors,' said Brad Johnson, a tourism consultant. 'We are very excited and real estate agents are expecting a surge in interest.'
A spokesman for Jones Lang LaSalle in Budapest, commercial specialists, said the development would boost investment interest. 'We have not yet experienced the credit crunch effect but expect to do so,' she said. 'This news could prevent any downturn.'
The casino license has been granted for 20 years from the date of opening of the casino, with a ten year extension option. No other licenses will be awarded by the Hungarian government during this time.
Plaza Centers will own a 30% stake in the scheme's holding company. Other investors comprise CP Holdings and Hungarian bank MKB Bank. It will be Plaza's biggest ever scheme.
Ran Shtarkman, president and CEO at Plaza Centers, said: 'Europe, unlike the rest of the world, has never had access to substantial gambling-led destinations such as Las Vegas and Macau.'
'On completion, Dream Island will fill this gap for the 350 million people who live within two hours flying time of Budapest, sparing them from long continental flight times and enable them to enjoy, relax, gamble and entertain themselves in a mega resort of the biggest magnitude in Europe.
