Great Bets on the BCN World Investment

24/07/2014 – El Confidencial

Developer Enrique Bañuelos has come to an agreement with the multi-national Caesars Entertainment, the owner of hotel-casinos Las Vegas Caesars, with an eye to participating in the BCN World project. The news will go official tomorrow when groups striving at having a share in the entertainment and tourism project next to Port Aventura submit their gaming licence bids to the Catalonian government.

In order to win three contracts (out of six) auctioned by Generalitat, Bañuelos created an investor holding together with Veremonte, now also adding to it Caesars. The last is associated with Hard Rock Café and Chinese Melco Crown.

Besides, Caesars promised to input around €500 million in construction of Veremonte´s hotel-casino in the third resort of BCN Dreams.

Each casino and hotel in the complex will span 30.000 square meters. The minimum investment demanded by the Catalonian authority amounts to €300 million.

The entire project is fairly ambicious, assuming a €4.5 billion investment in building the total of 300.000 square meter area. Several investors have already committed to the venture: British Value Retail to take care of the shopping area (€100 million), Port Aventura to construct 4-star hotels and Melía to manage the 5- or more star establishments.

In 2008, the Las Vegas group got involved in raising a great casino project in Castille – La Mancha called Don Quijote. However, the company backed out and left local investors stranded.

 

Original article: El Confidencial (by Marcos Lamelas)

Translation: AURA REE

 

58