A big announcement in the last few days from a man who was once at the heart of Disney, ex-VP of Resort Development John Cora, confirming the rumours that have been swirling for some time now about the planned mega resort in Extremadura, Spain. Cora revealed last week that his company, Cora Alpha, plans to be heavily involved in the planned resort; the company’s investment is reported to be north of $3.5 billion.
Pending approval, the resort is slated to be built on a 1200-hectare parcel in the Extremaduran town of Castilblanco
The planned resort will include a casino and golf course, a football stadium and four hotels as well as a water part and theme park. A residential area of 2,000 homes is also planned.
The mammoth venture has received a welcome boost from the recently passed LEGIO local tax law, which grants tax incentives to casinos and gaming resorts which are set up as part of larger resorts. Developers stand to receive a staggering 80% discount on the usual 15% GGR tax rate in place on gambling enterprises. Local authorities have reportedly already granted permission for the project.
A tentative start date has been pencilled in for mid-to-late 2019, but Spanish political wranglings have been known to sink US-based casino and resort ventures in the past. It remains to be seen if this one becomes similarly bogged down. It is an ambitious venture, but one which seems to have a real chance of success if local authorities are favouring the venture as much as reports currently indicate.
