Dubious license renewals for five Budapest casinos

Dubious license renewals for five Budapest casinos

Viktor Orban extended the operating licenses for five Budapest casinos majority-owned by Istvan Garancsi until 2056. The Las Vegas Casino-branded venues are run by local firm Diamond Gaming Casino, majority owned by Hungarian construction magnate IStvan.

The five Budapest casinos are Las Vegas Casino Atrium Eurocenter, Las. Vegas Tropicana, Vegas Casinos Corvin, Atlantis and Sofitel, which generate annual revenues of around $34 million. They took advantage of recent Orban-backed local gaming law amendments to avoid license renewal bid obligations.

There are license renewals for five Budapest casinos. Garancsi holds a 60% stake in Diamond Gaming Casino. Kristof Szalay-Bobrovniczky, husband of government spokesperson Alexandra Szentkiralyi, owns the remaining interest.

There are five new licenses for Budapest casinos. Hungary is home to 11 casinos, including those in Sopron, Miskolc, Debrecen, Pecs, Gyor and Nyiregyhaza.

Bruckner Gergely and Elod Fruzsina from Telex broke the story about the license renewals for five Budapest casinos. They claim the matter will stir up a political storm. The new law allows operators to re-apply for a concession without going through a bidding process.

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