London hedge fund managers are being asked to invest in a multibillion-pound Hungarian casino development alongside Australian media magnate James Packer and the Guggenheim family. Daily Telegraph

Investment bank Credit Suisse is raising €137.5m (£93.8m) from hedge funds and other institutions to fund a proposed EuroVegas in Hungary. This is understood to be the first fundraising of this kind in Europe.

EuroVegas will be a Las Vegas-style complex in the heart of eastern Europe, with five supercasinos close to the town of Bezenye, which currently has a population of 1,650, in the Gyor-MosonSopron region in north-west Hungary, close to the Austrian and Slovakian borders.

The scheme will also have hotels and a giant amusement arcade centre. It will be Europe's largest casino project and will target wealthy Russian tourists.

Packer’s Publishing & Broadcasting, Guggenheim Partners and Eighth Wonder Capital, which is controlled by casino developers Mark Advent and Mark Vlassopulos, are putting up the equity.

The hedge funds’ money will be used to finance the purchase of the 240 ha plot of land and to start development.