Harrah’s would pay 78 million euros annually to the Spanish treasury – ISA-GUIDE.de

Harrah’s would pay 78 million euros annually to the Spanish treasury

Future Reino de Don Quijote, project of an international tourist resort in Ciudad Real, will have a casino, with an annual impact of 77.5 million euros a year in taxes. Of that total, 20 million would come from gambling, 57.2 million of the tax to societies and 300,000 euros would come from other local taxes.

The data was recently released by general director of El Reino de Don Quijote, Miguel Fernández Ballesteros, in the presentation of the mega complex in Madrid. The main partner of the center, the US group Harrah’s, announced that the center will surely not be operative until the ending of 2010 or 2011.

Of the 6,500 million euros investment, 2,500 million will be allocated to this first phase which ends in 2010. With the other 4,000 million they aim to build five hotels more,
Hospitals and schools, informed a spokesman from El Reino de Don Quijote.

The leisure complex aims to be an “European referent” of what Harrah’s means in America, where it has most of its businesses.

Last week, the Council of Ciudad Real also gave green Light to the Paln of Urban Action for the zone in which the complex will be built (6.8 million sqm), a license that, according to President of Caesars Spain, “has been delayed a lot”.

In Ciudad Real, congresses will be celebrated in the American style. That’s why Harrah’s has exported the American model and will build a convention area of 22,000 sqm.