Florida-based casino and café chain operator Hard Rock International has applied for a casino license to build an integrated resort not far from the city of Barcelona, Catalan media reported on Friday.
It is believed that Hard Rock has remained the sole casino company interested to join the multi-million-euro scheme. The government of Catalonia had previously announced a June 30 deadline for the submission of applications by domestic and international operators.
Big industry names such as Melco International Development and Genting Group had been among those to have previously voiced interest in entering the project. Here it is also important to note that Melco had prepared a bid in partnership with Hard Rock.
However, the two companies announced that they were abandoning the project days before the June 30 deadline. It seems that Genting, which had partnered local Grup Peralada, has too stepped back from the master plan.
It was early in 2017 when the Catalan government announced that it had approved the plan for the development of the Tourist and Recreation Complex at a site located not far from the capital of the autonomous region. The project had formerly been known as BCN World but had undergone certain changes before assuming its current form. At present, the master plan involves €2-billion investment and the creation of 10,000 jobs.
Last week, a Melco-Hard Rock-led consortium received the necessary authorization to build the first integrated casino resort in the Republic of Cyprus. Several hours later, Hard Rock announced its exit from the €500-million scheme. The company sold its 35.37% stake in the future casino complex to its partner Melco.
Although the Florida-headquartered operator did not comment on its decision, it was clear that it wanted to pursue other investment opportunities. The company has been among the big industry names to have been eyeing entry into the newly legalized Japanese casino market.
And given the fact that its future competitors for a license in the nascent market have put a $10-billion-plus investment tag, Hard Rock will too have to commit to heavy investment in order to be competitive enough during the bidding process.
The gambling operator is also in the middle of expansion across the US and Canada. It purchased the shuttered Trump Taj Mahal casino in March and confirmed plans to spend $500 million in transforming the property into a rock and roll-themed venue that is slated to open doors next summer. Hard Rock was also selected as the preferred developer of a casino at the existing Rideau Carleton Raceway in Ottawa, Canada.
