search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
Insight


SPAIN Integrated Resorts


Guillermo Fernández Vara Te President of Extremadura (PSOE)


The President of Extremadura (PSOE) Guillermo Fernández Vara announced that the objective of the new rules is to enable and attract the development of large theme parks and family leisure centres in the region. The new centres would be aimed at attracting visitors from abroad. There is already at least one foreign developer interested in developing this type of site in the region of La Siberia located in the north-eastern portion of the province of Badajoz said Fernández Vara. However, according to the governor, there are "several" investors who are "waiting for the door to open."


The proposal would create a legal framework, which would allow for the construction in Extremadura of large complexes that combine tourist establishments such as hotels, spas, cultural facilities, conference centres, golf courses and aquatic recreation centres alongside other facilities designed for adult leisure including casinos, bingo halls and slot parlours.


Investors will benefit from both legal and fiscal advantages. When it comes to casinos these will be exempt from local rules covering the granting of licences which both requires public licence tender processes and limits the authorisations to one casino per 500,000 inhabitants.


Extremadura pushes for large scale leisure resorts


Te Spanish Socialist Workers' Party PSOE has come out in support of a new bill, which would allow for the creation of large leisure facilities in the Spanish autonomous community of Extremadura. If the bill finds support from the State Council then it could mean that it could go before the full house within the next month


Te initiative would reduce urban planning and administrative deadlines by half as the projects would be fast tracked as a matter of urgency. Te new rules are part of a new plan to bring investment into the area as the government is facing a shortfall in state finances of €300m.


Te proposal would create a legal framework, which would allow for the construction in Extremadura of large complexes that combine tourist establishments such as hotels, spas, cultural facilities, conference centres, golf courses and aquatic recreation centres alongside other facilities designed for adult leisure including casinos, bingo halls and slot parlours.


New rules would allow for large-scale resorts, which would call for considerable investment. Fernández Vara told press that the minimal requirements would be those projects that spanned at least 1,000 hectares, and would require a minimal investment of €1,000m. Te project would also need to create at least 2,000 direct jobs and generate 3,000 hotel beds. A €10m deposit would also be required. Te requirements are also much higher if the project is located in the region of Siberia.


Favourable conditions would be imposed when it comes to gambling taxes. In the case that the new centres include casinos, deductions of up to 80 per cent in gaming taxes are now being considered by the government but this would depend on the total amount invested in the construction of the complex as well as other facilities on site. As for tax, a fixed rate of 15 per cent will be established for casinos in the new resorts. Tis percentage is currently applied when gaming income does not exceed €2m per year, but it reaches 30 per cent when it goes beyond €2 and reaches the €4m mark. Tis rate


P34 NEWSWIRE / INTERACTIVE /MARKET DATA


increases to 40 per cent when it goes beyond €4 and reaches €6m and stands at 50 per cent when it reaches €6m and above. However as compensation for the total investment made a deduction of up to 80 per cent of the tax will be put into place.


According to the timetable, companies must present the project to the government, which would include data on the company, along with a preliminary urban plan, a preliminary environmental study as well as an economic- financial study. Tese plans will need to outline the creation of jobs, work schedule, along with the necessary infrastructure.


Once the request is received, the government will create a special inter-administrative commission that within a maximum period of one month will examine the project, after which it will issue a technical bid evaluation. Within that period those municipalities affected by the new project will be given fifteen days audience before the commission.


Te qualification of the proposal as a large leisure facility will reduce the processing time by half. If the project includes casinos, the authorisation will cover all types of gambling contained in gaming legislation already in place in Extremadura. In total, the process will take from five to six months.


After that, building work must begin within a maximum period of six months from the publication of the management plan. Te execution of that plan may not exceed five years. Once work is completed, the developers will have six months to put at least 50 per cent of the site into use and one year before it is fully open to the public.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150