Hard Rock approved to start work on Catalonia casino
The casino operator has until 5 May to purchase the land from the government for a total sum of €120million.
Spain.- Casino operator Hard Rock International (HRI) has been given the green light to begin construction work on an integrated resort in Catalonia.
The government in Spain’s Catalan region finally agreed on a €120million deal to acquire the land near the coastal city of Tarragona on which HRI hopes to build its €2billion Hard Rock Entertainment World resort.
Incasol, a government-owned company, will pay €120million for the property owned by Criteria Caixa and will then sell the property to HRI for the same price.
Hard Rock International now has until 5 May to buy the land or the government will declare the project officially over.
A different price had been set in 2014 when Criteria (the real estate holding company of La Caixa) agreed on the value with the Institut Català del Sòl (Incasòl).
However, the agreement was only valid for a year and a half and has been renewed three times due to delays.
According to the real estate sector, the valuation of the land has increased to €120million which is the price that is now being paid.
According to CalvinAyre.com, the project is valued at more than US$2 billion. The first phase will be known as Hard Rock Hotel & Casino Tarragona, and will feature 1,200 slots, 100 gaming tables, two hotels offering 1,100 rooms, a 15,000-seat theatre and a 6,000-square-meter swimming pool along with retail and dining amenities.
