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This crisis is not only financial, but also spiritual. I like to build and not demolish
He tells the newspaper. By Gerendai’s own confession, he burned hundreds of millions of guilders out of the billions he received in 2017 from the sale of the majority stake in the Island, but as he says, he is at least lucky because he had something to finance the loss.
It would have also opened three new restaurants in recent weeks, but all three projects had to be postponed (with World Eager Jenő Rácz, András Nudli Jókuti and the Chinese Costes project). So far, it has spent 200 million on existing restaurants in Hungary just to survive, which cost Downtown Costes Downtown costs 10 million a month.
The bill for the lagging Festival Sziget is about one and a half billion guilders. To make up for the loss, they received a € 4 million loan from the OTP and also had to take out a HUF 500 million loan due to the missed events in Budapest Park.
Only 15 percent of the island is mine, and since I have not been involved in day-to-day decisions for years, I hope that in the end I do not have to pay back my loans proportionally.
Cover image source: Getty Images.
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