Lawrence Ho’s Hong Kong-listed Melco International Development has signed a memorandum of understanding with Veremonte Espana of Spain that could result in Melco managing at least one casino as part of a mixed-use resort complex planned by Veremonte near Barcelona.
BCN Dream, as the project is known, is slated to include more than 10,000 hotel rooms, an exhibition and meeting center and up to 5,000 residential units as part of a larger entertainment destination known as BCN World.
Recently, Las Vegas Sands abandoned plans to develop a megaresort in Madrid named EuroVegas, which had the backing of the local government but failed to get the central government to relax the country’s strict anti-smoking law and other rules.
Another Hong Kong-listed company led by Ho, Summit Ascent, recently announced that it would increase its ownership of a casino project in Russia’s Far East near Vladivostok.
Ho is co-chairman of Macau casino giant Melco Crown Entertainment, which is expanding in the territory’s Cotai resort district and also is building a resort casino in Manila. Crown Resorts Chairman James Packer is Melco’s other co-chair. Both hold a 33 percent stake in the company.
