Packer places his bets on Eastern Europe casinos
LONDON: Macau will not have it all its own way as new destinations put their gaming cards on the table.
Even once squeaky-clean Singapore is in the process of developing two new casinos that will be integrated into resorts.
Now Hungary is throwing off the shackles of its past by inviting private investors to invest in new casino developments.
Australian media magnate James Packer, the philanthropic Guggenheim family and Eighth Wonder Capital, controlled by casino developers Mark Advent and Mark Vlassopulos, are the leading investors so far in the Hungarian casino projects.
Investment bank Credit Suisse is raising €137.5m from hedge funds and other institutions to fund EuroVegas in Hungary.
EuroVegas will be a Las Vegas in the heart of Eastern Europe, with five super casinos to be located throughout the country.
As well as the casinos, the project will include a series of hotels, as well as a huge amusement arcade centre. The hope is that the development will attract wealthy Russians to what will be Europe’s largest casino resort.
Packer’s Publishing and Broadcasting Ltd and its partner Eighth Wonder failed in a bid for Singapore’s second casino resort in October 2006.
Last month PBL made its first foray into the US casino market, buying almost 20% stake in Fontainebleau Resorts which is developing a new casino resort on the Las Vegas strip.
Ian Jarrett
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