Casino operator Hard Rock International (HRI) has been given more time to rescue its Spanish integrated resort project, although the situation appears no closer to resolution than before.
Late last week, the local government in Spain’s Catalan region granted a three-month extension to the gaming license it issued last year for HRI’s proposed Hard Rock Entertainment World project near the coastal city of Tarragona.
This marks the second time that HRI’s Spanish permit has been extended, following a six-month extension that expired last Thursday. Spanish media reported that this latest extension was granted at HRI’s request, as the company apparently still has faith that it can resolve its land ownership issues and proceed with the €2b project.
The land in question is currently owned by the development arm of La Caixa bank. But the property’s previous owners, from whom the land was expropriated by the Catalan government, are now convinced that they didn’t receive a fair price and have launched legal action to obtain an unquantified top-up payment.