BCN World's main investor does not buy land to build $6 billion resort by expected deadline
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.