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A new casino, hotel and marina development has received the green light from the government of Hungary and is set for construction in Budapest. Álomsziget Entertainment (Dream Island Entertainment) is an investor group that is developing a 32-hectacre chunk of Hajógyári-Sziget, a large, formerly industrial island which sits in the Danube north of downtown Budapest.

The group recently was granted a 20-year license to operate the casino with a ten year extension option. This is supposed to be the only casino license for the Budapest area during the time this one is in operation. Plaza Centers, which holds a 30% stake in the holding company, will be the major developer for the project.

In addition to the massive casino, which is planned to have over 400,000 square feet of gaming space, the project will create 3,000 hotel rooms, 1,000 holiday apartments, a 3,500 seat convention centre, an opera house and a 3,500-seat theatre. There will also be a marina with moorings for 300 boats on the river and, when finished, the development is expected to cost around HUF 500 billion (EUR 2.08 billion).

“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.”

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.”

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