More Details Shed on Hard Rock’s €2-Billion Tarragona Casino Resort Project

Hard Rock International’s Tarragona, Spain integrated resort will occupy a 745,000-square-meter site and will cost the developer the amount of €2 billion, according to the latest rollout of information regarding the mega-scheme.

It was announced late last month that the Government of Catalonia has given the green light to the project, thus allowing Hard Rock to expand its casino operations to Europe. Local news outlet Diari de Tarragona reported Sunday that the integrated resort plan will be carried out in two phases and over a five-year period.

Hard Rock was the only developer to bid for permission to develop what had previously been known as BCN World. The bidding process took place last spring, but it was a year later that Catalan officials confirmed the plan would be carried out under the stewardship of the Florida-based gaming and hospitality company.

According to the latest details released, the multi-billion scheme was renamed as Hard Rock Entertainment World and the actual hotel and casino complex, part of the larger resort, would operate as Hard Rock Hotel & Casino Tarragona.

The €2-billion price tag will include construction costs as well as costs related to the acquisition of the land where the property will be built and the development of the necessary infrastructure.

The resort’s casino floor will spread over 7,595 square meters. The hotel and casino complex will also include two hotels that will occupy a total of 63,000 square meters. The resort will feature retail space of 15,000 square meters, leisure and live entertainment facilities spreading across 6,000 square meters. A concert hall at the property will have a capacity for 15,000 people.

Expected Economic Benefits

According to initial estimates, it is believed that Hard Rock’s new undertaking will generate more than 11,500 temporary and permanent and direct and indirect jobs. The US-based company has already said that it expects its resort will bring more than two million visitors annually to the Costa Daurada area where the property is planned to be constructed.

Phase One of the massive project will be completed at an estimated price of €700 million and will create 2,000 new jobs for residents of the area, as revealed by Hard Rock. In terms of economic impact on the region, the gaming and hospitality company believes its property will be able to contribute €1.3 billion annually.

Hard Rock completed on Friday its payment bond to the Government of Catalonia as the winning bidder for the integrated resort project. The company paid €3 million last year when it submitted its application for a license from Catalan authorities, and an additional €7 million late last week.

Hard Rock’s project in Spain comes as part of its global expansion strategy. Last year, the company was also part of a consortium, along with Hong Kong-listed Melco Resorts & Entertainment, that was selected to build a €550-million integrated resort in the Republic of Cyprus. Hard Rock exited that project later on to pursue expansion opportunities in Spain and other jurisdictions where casino gambling is legal.

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