Why fail megaprojects and Barcelona Eurovegas casinos as Word?
The Kingdom Don Quixote, Gran Scala and Eurovegas are great leisure projects which finally saw the light in Spain. Meanwhile, Barcelona World maintains a thread of hope, increasingly fragile. Why?
There is no particular reason, but multiple reasons. Each game behemoth that has tried to see the light in Spain has some different characteristics. But it is also abundantly clear that among the projects of the Kingdom Don Quixote, Gran Scala, Eurovegas and Barcelona World there a defining pattern.
To begin, let’s review what were the United Don Quixote, Gran Scala and Eurovegas and what still today is Barcelona World.
The Don Quijote
The Kingdom project in Ciudad Real
The first stop on this trip takes us to Ciudad Real. The Kingdom Don Quixote project was presented in 2005 with huge figures. The Kingdom Don Quijote would be a 10,000 square meter casino, a luxury hotel, a theater for 3,000 spectators a megaspa, golf courses, 7,000 homes, 7,000 direct jobs and 11,000 indirect jobs. They had the financial support of a giant of the game, the Caesars group that would manage the casino under its brand Harrah’s. Las Vegas would Ciudad Real.
Time passed, negotiations stalled, the dates were not met until all the enthusiasm and good words were fading. And above it it came to this:
The second investor, Caja Castilla La Mancha, was operated by the Bank of Spain in 2009. The main shareholder, Gedeco Avantis, also went bankrupt in March 2010. Caesars announced in November 2011, which had lost 27.1 million dollars in this project. Finally, on December 1, 2011 the shareholders asked the bankruptcy. Goodbye, Don Quixote Kingdom.
The project Don Quixote The Kingdom was always attached to another fiasco, Don Quijote Airport. This behemoth which seemed lifeless since 2011, took some air in January 2015. With an accumulated debt of 200 million euros came out of bankruptcy. Sergio Alvarez, chairman of Shareholders, then declared to La Tribuna de Ciudad Real that his goal was to attract investors, seek funding and “take the project forward.”