Elysium City developer granted deadline extension

Elysium City developer granted deadline extension
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Elysium City’s developer Cora Alpha was previously due to submit documentation regarding the spatial and environmental planning details of the development in June but has been granted a further three month extension by the Government of Extremadura.

 

The regional government in Extremadura has granted the developer of the Elysium City mega resort an additional 90 days to present the required documentation to allow the project to move forward.

The documents will set out the spatial and environmental planning details of the development, which is to be constructed in Castilblanco, at a site once considered for Eurodisney.

First announced back in 2018, the project is headed by Californian development firm Cora Alpha, a division of Cora Global, fronted by John Cora, a former Disney executive with an extensive background in theme park operations and resort development.

The company had previously been given a deadline of 30 June to present the necessary paperwork, however it subsequently requested an additional three-month extension from the Government of Extremadura.

Last December, it was announced in Extremadura’s Official Journal on 30 December that Castilblanco’s municipal council had granted Elysium City “large leisure complex” status, translation of a Spanish language term which equates to integrated resort.

In a statement, the local government suggested the development – which Cora Alpha estimates will create 50,000 jobs in Extremadura – could “kickstart a process of radical change in the demographic trend”, helping ensure young people remain in the Spain’s poorest region.

Speaking at the time, Guillermo Fernández Vara, president of the Government of Extremadura, characterised the presentation of the documentation as “a key milestone”, which would allow the project “to receive the required authorisations to move forward”.

Described as “the first major smart sustainable city project in Europe”, according to previously released information, the first phase of Elysium City is set to include up to four casinos, four three to five-star hotels, retail outlets, a golf course, several theme parks, along with a football stadium, a 200,000 home residential complex, and a heliport.

Phase one of Elysium City will reportedly be completed in 2023, while Cora Alpha is said to be targeting full buildout for 2028.

The announcement of the project coincided with the passage of new legislation setting out the conditions for the creation of integrated resorts in the autonomous community.

In August 2018, the Official Bulletin for Extremadura published the text of Ley 7/2018 or the Extremaduran Law for Large Leisure Complexes (Ley Extremeña de Grandes Instalaciones de Ocio or Legio).

The legislation stipulates that a resort project should cover at least a thousand hectares, include 3000 hotel rooms, and represent a minimum capital investment of a billion euros. The casino portion of a resort development is exempt from existing local licensing regulations, which require a public licence tender and allow only one casino per 500,000 inhabitants.

 

CYPRUS CASINOS MARKS THIRD ANNIVERSARY

 

The developer of Europe’s first integrated resort, Cyprus Casinos “C2” recently celebrated three years since it opened its first temporary gaming venue in Limassol. Since then, the operators has also launched satellite casinos in Nicosia, Ayia Napa and Paphos. The company has established itself as one of the largest employers in Cyprus. It currently employs around 700 people, with that figure expected to rise to 1,500 employees in the coming months.

The new IR, City of Dreams Mediterranean, is additionally expected to created approximately 2,500 permanent jobs once it opens in summer 2022. “We have come a long way since the launch of the first casino in Limassol in 2018, and we look forward to what the future holds,” said Grant Johnson, property general manager of City of Dreams Mediterranean and Cyprus Casinos. “After three years, despite the challenges posed by the pandemic, Melco Cyprus is driven by the same passion for creating unique entertainment experiences for our guests at C2 while remaining committed in the development of City of Dreams Mediterranean, the ground-breaking project which will generate thousands of job opportunities and significantly contribute towards enhancing Cyprus’ tourism product. “We are aware of our pivotal role in the growth of the tourism industry and Cyprus’ overall economy; hence, we will work tirelessly to ensure that the country will emerge as a global premium destination for luxury hospitality, high-end entertainment and business tourism,” he affirmed.


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