California-based Cora Alpha, a division of Cora Global, owned by former Disney Vice President John Cora, plans to build a $3.5 billion mega-resort in Castilblanco in Spain’s Extremadura region. Cora said the development will benefit from the recently approved Ley Extremeña de Grandes Instalaciones de Ocio, which offers regional tax incentives to gaming venues included in larger development projects.
Cora said construction will begin within six months on the $1.5 billion first phase of Elysium City, with a completion date set for 2023. Phase one will feature a casino, four hotels, 18-hole golf course, theme parks, water park, marina, 40,000-seat football stadium and various infrastructure projects to serve a 2,000-home residential complex. Cora said this phase will create 15,000 new jobs.
The $2 billion second phase, to be finished by 2028, will include additional residential space, solar power plant, Formula One racetrack, convention center, floating islands, convention center and marina, among other amenities. Cora said this phase will create 40,000-50,000 new jobs.
Observers noted gaming operators’ plans in Spain frequently lead nowhere. For example, Las Vegas Sands’ EuroVegas project failed to receive the necessary tax breaks and smoking law exemptions, despite years of planning. More recently, the Cordish Company dropped plans for a resort casino Madrid after regulators imposed additional requirements. However, Hard Rock International is making progress on its $2.28 billion project near Barcelona.
