Ellis Gaming to Rse in Hungary

The "Budapest Business Press" has announced that Hungary's 20-year "EuroVegas" casino concession had been won by Ellis Gaming, but there seems to be ambiguity in what has really happened.

Ellis Gaming President Shawn Ellis, denied the media's story, saying that his firm was still negotiating with Hungary.

The casino concession costs $17 million annually. For this price, Ellis Gaming or any one of its rivals can potentially run up to five super casinos in Bezenye, Hungary.

Ellis Gaming's rivals include Harrah's Entertainment and major European operator Casinos Austria International.

As far as Ellis is concerned, Hungary is looking for a potential super casino operator with "a personality to relate to." Ellis stressed, "That's what we offer." Further, he said, "We offer a personality to reach out, sit with, have lunch with, understand and learn gaming from."

However, Ellis refused to give hints on the tax rate, saying only that he wouldn't know until the concession is finalized and signed.

Bezenye is a small town with population of only 1,600. It is situated in northwestern Hungary.

Sources had said that the chosen developer for Bezenye would receive an outright government subsidy of $17.5 million and an additional loan of $40 million, repayable over a decade.