veremonte

Veremonte has walked out on the BCN World project, the largest holiday resort in Europe based in the Costa Daurada, near Tarragona, as first announced by the Catalan Business Minister, Felip Puig, on Thursday and later confirmed by the company itself. However, Puig has assured that this will not impede the project's continuation as companies such as Melco, Hard Rock, Grup Peralada and Value Retail remain committed to it. Veremonte did not provide any further details about its decision. The investment company was initially leading the initiative and had reached an agreement with La Caixa bank to buy 500 hectares of land in 2012. However, it missed the final deadline last December to do so and the Catalan Government had to jump in to guarantee the project's continuation, reaching an agreement with La Caixa for the land. However, Veremonte was still linked to the initiative through the casino licences' tender, which it bidding for in partnership with Hard Rock and Melco.

Veremonte has added additional uncertainty to the future of the BCN World project, the largest holiday resort in Europe based in the Costa Daurada, near Tarragona. After a $6 billion investment, it will include – among other facilities – 6 mega-casino hotels, amusement parks and shopping malls. Veremonte – which was initially leading the project – announced that it could leave, depending on how the Catalan Government will develop the final Urban Plan and how it will set the conditions for the second phase of the casino licences' tender. In 2012, Veremonte had already reached an agreement with La Caixa bank to buy 500 hectares of the land. However, the company missed the first deadline and did not meet the second one (last December) to do so, arguing that the final Urban Plan had not yet been approved. The Catalan Government then jumped in and reached an agreement with La Caixa for the rights to buy the land and guarantee the project's continuation. Veremonte still continues to be linked to the project through the casino licence tender, for which it is running with Hard Rock and Melco.

The Catalan Government presented this week a first draft of the urban plan that is developing for the 800 hectares surrounding PortAventura theme park, in the Costa Daurada, near Tarragona. The $6 billion holiday resort BCN World is supposed to be built in this area, which is now being promoted by the Catalan Executive itself after the private investor Veremonte did not meet the final deadline for buying the land in December. The urban plan foresees towers of 20 to 25 floors and the construction of 500,000 square metres of tourist and residential-use areas between the Las Vegas style casinos and the beach. Veremonte and its partners Melco, Hard Rock, Caesar’s Entertainment, Melià and Value Retail continue to be involved in the project, along with other investors such as Investindusrial (which owns PortAventura), Ferrari (which wants to build its first European theme park there) and Perelada (which owns other casinos and luxury hotels in Catalonia).

The Catalan Government is now managing the sale of the 150 hectares owned by La Caixa on which the BCN World holiday resort should build its 6 macro-casinos. On Thursday the bank and the Catalan Executive signed the agreement, which comes the day after the private investor Veremonte announced it was postponing the land purchase once again. Veremonte had an exclusivity agreement to buy 500 hectares of land before December 10 at midnight for €380 million, but it postponed the purchase because the urban planning details were still unknown. However, the core of BCN World's project, which is the 6 Las Vegas style hotels and casinos as well as a luxury shopping mall, only takes up 150 hectares. The Catalan Government decided to jump in to strengthen the project and guarantee that the main plots will be available for private investors to build the casinos. It will manage the sale for the next 18 months, while the definitive and detailed urban planning for the area should be approved in July 2015. The other hectares will be directly sold by La Caixa.

Veremonte has decided not to buy the land to build the macro-casino and holiday resort yet and it will wait until it has a better knowledge of the town-planning project's details, which are currently being defined by the public authorities. The main company behind the holiday resort had an exclusivity right to purchase some 500 hectares of land from a Caixabank's subsidiary until December 10 at midnight for €380 million. Veremonte has confirmed it will continue to work on the $6 billion BCN World project with Hard Rock, Melco, Value Retail, Melià and Caesars Entertainment and it could buy the land at a later stage. After knowing about Veremonte's decision, the Catalan Government announced it had reached an agreement with Caixabank to manage the purchase of 150 hectares of land during 18 months at no cost, allowing other companies to buy some plots. They have also confirmed that the project will carry on, "with or without Veremonte". The first version of the town-planning project should be issued in later January and the definitive version should be approved during the summer months, in order to allow construction as from autumn 2015. 

Cirque du Soleil and PortAventura theme park have announced that they are pleased with the success of the show 'Kooza', which the Canadian circus company has been performing at the Catalan resort every day this summer, and will consider future collaborations together. PortAventura was the first resort in Europe to host a show from this world-famous entertainment company. From July the 11^th this year up until last Saturday, more than 100,000 people attended the show performed by Cirque du Soleil. As a result of this success, the two companies have agreed to meet again soon to talk about future collaborations. For PortAventura, with nearly 4 million attendees per year, this cooperation is a step towards consolidating its overriding strategy of attracting more international brands and consolidating its position as one of the best family entertainment destinations in Europe.

The Catalan Government has issued a provisional list of the companies that might be granted a license to build and run one of the 6 mega-casinos of the $6 billion BCN World resort to be developed next to Port-Aventura theme park. The surprises are that Catalonia-based Grup Peralada -which runs casinos, luxury hotels, an international performing arts festival and vineyards- is one of the contenders and that the offer with Caesars Entertainment has not been initially accepted. Veremonte, which promotes the entire BCN World project, announced that it had initially presented a total of 3 offers to get 3 casino licenses in association with Melco, Hard Rock and Caesars Entertainment. In addition, there were two non-disclosed additional bids: one from Grup Peralada and one presented by Melco by itself. The Veremonte-Hard Rock and Veremonte-Melco offers have also been pre-accepted, but a third offer from Veremonte and Caesars would be out of the tender, although an appeal might be filed.

The Catalan Government issued last Friday the public tender for granting licenses to build six mega-casino hotels in the Costa Daurada, next to PortAventura amusement park. These 6 Las Vegas-style recreational centres are the main part of BCN World, a $6 billion project that will create the largest holiday resort in Europe.  The main promoter of the project, Veremonte, announced on Friday they will be presenting an offer for each of the six hotel and casino licenses in partnership with international investors, such as Chinese casino giant Melco and US multinational Hard Rock. Veremonte also added they have “everything ready” to launch construction.  All candidates must submit a minimum initial investment of €300 million, as well as a business plan to prevent money laundering. The tender will have 2 eliminatory phases and bids have to be presented before 25July.

The Catalan Parliament has finally approved the legal framework allowing the construction and the activities of the BCN World mega-resort, to be located next to PortAventura amusement park in the Costa Daurada. Now, the company Veremonte has the final green light to start construction, after it already had announced the first investors some months ago. Casino giant Melco, hotel brand Melià, US Hard Rock, Value Retail shopping malls and Investindustrial, which owns PortAventura, will participate in the $6 billion project. Furthermore, Ferrari announced it will build its first theme park in Europe there. BCN World involves 6 mega-casinos, large-size hotels, shopping malls, convention centres, theatres, golf courses, parks, a beach club, technology institutes and smart city developments.

The $6-billion BCN World has added another top international investor to those developing Europe's premier holiday resort, to be located next to the PortAventura theme park in Catalonia's Costa Daurada. Chinese casino company Melco, Spanish hotel network Melià and UK shopping centre developer Value Retail will build the first resort of the total 6. PortAventura, which will host Ferrari's theme park in Europe, will also build 3,000 additional hotel rooms. However, the company promoting BCN World, Veremonte, was waiting for the legal framework to be adapted in order to close deals with further investors. Last weekend, the Catalan Government and the Catalan Socialist Party (PSC) signed an agreement to adapt the rules and this Wednesday, Veremonte announced the Hard Rock deal.  

The Italian investment group has announced it will build and manage 3,000 of the 6,000 hotel rooms of the ‘BCN World’ mega resort, the competitor to Madrid’s Eurovegas that is being developed by Veremonte in Salou (Costa Daurada). The $6 billion entertainment resort will be located next to the beach and the PortAventura theme park, which is owned by Investindustrial. After a year of talks, the Italian company has finally decided to join the mega resort project, which will have casinos, hotels, convention centres, luxury shops, restaurants, golf courses and a beach club. The CEO of ‘BCN World’, Xavier Adserà, confirmed that the resort will begin building in the first half of 2014, employing 17,000 people. The hotel group Melià, shopping-mall company Value Retail and casino group Melco Crown Entertainment will build the first phase.

On Thursday, the Catalan Government published the new legal project for the area where ‘BCN World’ will be built, in order to modify the existing town-planning project and other rules. In addition, it will also modify the current taxes on gambling, dropping them from a maximum rate of 55% to 10%. The modification of such taxes was one of the changes the Catalan Government had promised international investors in order to develop the mega resort, which will see the construction of 6 casinos and hotels the size of those in Las Vegas. In addition, the resort will have golf courses, a beach club, a marina, a smart residential city area, shopping centres, theatres, conference centres and other attractions. Two weeks ago, the first three international investors participating in the project were announced. Plans are to start construction of the first casino in September.

The Catalan Government announced last September the ‘BCN World’ project, a mega-resort that will be built on the Costa Daurada, near Tarragona and Salou. According to the forecasts, the construction will cost €4.7 billion and the opening is scheduled for 2016. The complex will consist of six casinos and theme parks, 12,000 hotel rooms, golf courts and a smart city, among other aspects. The initiative was presented just a few hours before it was confirmed that Sheldon Adelson’s ‘Eurovegas’ would go to Madrid, although the Catalan Government denied that ‘BCN World’ is the alternative project. While experts validate the economic viability of the project, they do question the suitability of this leisure model in Europe. Just weeks before construction begins, there are still a lot of questions without being answered.