He invested 45 million 1972-dollars, and the rest came from many other Socialist worker organizations of Yugoslavia. He understood from the beginning that starting a business in the Communist Yugoslavia meant that the major decision-making processes were left up to the workers, as Yugoslavia's businesses operated on the ideas of worker self-management.
Below is a Keystone News Agency wire photograph released to the world news organizations regarding opening of the Penthouse Adriatic Club.
"June 24th, 1972
THE PENTHOUSE ADRIATIC CLUB OPENED IN YUGOSLAVIA
American businessman Bob Guccione, owner of the world-wide "PENTHOUSE" magazine, formally opened the "PENTHOUSE ADRIATIC CLUB" in Haludovo Palace Hotel on the island of Krk last week. "Penthouse Pets" are employed as hostesses and croupiers entertaining the guests. A large number of world-known personalities from the world of film, music and show-business, are expected to attend the innauguration ceremony on July 7th.
Photo Shows: The scene inside the gambling casino of the newly opened "PENTHOUSE ADRIATIC CLUB" on the island of Krk in Yugoslavia, showing "PENTHOUSE PETS" as croupiers."
"We have detected a real formula in the struggle against the cold war" revealed Bob Guccione, editor and publisher of Penthouse - "The International Magazine for Men." The ingredients were described in an interview with Nedeljne informativne novine (NIN), the Belgrade weekly. A reasonable amount of Western capital, in this case 45 million dollars provided by Guiccione's publication, is combined with socialist financing and skills, in this case supplied by the Rijeka "Brodokomerc," and "the most exciting and exotic resort experience of all time" is constructed for Westerners vacationing in the East. On June 15 of this year the "grand opening" of just such a mutual enterprise, The Penthouse Adriatic, was celebrated on Krk, the largest island in the Adriatic Sea (410 square km.). The establishment was described in the June 1972 issue of Penthouse: "Richly located on the idyllic island of Krk, a few miles south of Trieste and directly opposite Venice, this mile-long Xanadu of glittering buildings will become for international cognoscenti a premier playground for summer and winter seasons alike." The complex was designed by a Yugoslav "grand prix (twice awarded) architect" whose name has not been given. The architectural center of the resort, whose Yugoslav name is "Haludovo," is the Penthouse Palace, "a gracefully colonnaded construction within whose elegant interior is the Great Lounge, bedecked with hanging gardens, pools and fountains." The Anglo-American Penthouse Casino (for foreigners only) can compare "with the finest casinos in Las Vegas and other principal gambling centers." The owner of the Penthouse Adriatic or Haludovo, as the Yugoslavs call it, is the Croat enterprise Brodokomerc in Rijeka. Bob Guccione, who invested 45 million dollars plus an additional 500,000 dollars for advertising, is also supplying some US style operational know-how, about 70 American employees (many of whom are "pet-girls") and the send-off propaganda. Even though Nin does not report whether or not Guccione's 45 million dollars are a loan, it appears that this is the case, for the Brodokomerc has contracted to pay Guccione "three to seven per cent annually from the whole turnover of the Haludovo hotels: in the first three years three per cent and in all other years seven per cent."
A jak hotel vypadal když fungoval?