As previously reported, a number of Asian countries are currently competing for leadership on the gambling market. Singapore is one of those that have already consolidated their positions on the gambling sector but it seems like there is room for further growth. Now, Singapore developers are eyeing one of the competitive European gambling sectors – the one in Spain.
It was announced that prominent Singapore developers expressed keen interest in establishing a luxurious resort featuring a six-star hotel, beautiful gardens, a museum made of glass, golf course and last but not least, a casino. According to the initial plan, the future property is to be located at Juan Carlos I Royal Marina in Valencia.
The name of the company, willing to complete the mega project is ARC Resorts. Company executives decided to propose such a massive plan with the aim of bringing back Formula 1 European Grand Prix in Valencia. They supported their intention with the argument that the revenue generated by the hotel will definitely “justify its presence”.
If the plans for establishment of a luxurious resort are materialized, it will be among the best resorts in Europe. Apart from that, it will take the economy of Spain to new heights as many permanent jobs will be created, tourism sector will be boosted and market analysts estimated that the GDP of the country will reach €5.6 billion within the next 15 years.
However, many more or less important details need to be ironed out and one of them is the existing gambling regulations and the necessity of having them reviewed and updated.
The property will feature a wide variety of hotel, casino, spa, shopping and entertainment facilities – all intended at meeting customers’ demands for “top end luxury”.
People with knowledge on the matter reminded that ARC Resorts is among the companies in charge of similar venues in Asia. The areas where their properties are located usually become appealing tourist destinations within a few years, so expectations are the project to be extremely beneficial to the economy of Spain.
ARC Resorts consider the chosen area to have great potential for becoming one of the most appealing destinations in Europe but for that purpose, it needs modernization. ACR executives also announced that if their project is given the green light, they will bring Formula 1 back to Valencia and invest as much as €500 million in that venture.
Local authorities said that they will pay special attention to the proposal of ARC and if all requirements are met and they consider the project beneficial to Valencia’s well-being, they will give their consent to the establishment of the mega resort.
