In July 2008 the British investment fund company Development Capital Management (DCM) underwrote an increase in capital amounting to €40 million in International Leisure Development (ILD), the development consortium behind the Gran Scala leisure and gaming complex in Spain. According to Arturo Aliaga, the Director of the Department of Industry, Trade and Tourism in the Regional Government of Aragon, the increase in capital guaranteed the project, covering the estimated €20 million it would cost to acquire the land in Los Monegros.

Since then, progress has not been rapid for ILD and its mega hotel, casino and theme park project. In May last year the company revised its plans for 32 hotel casinos, 5 major theme parks, race track, residential properties, golf course, conference centres and hundreds of retail shops. The first phase of the development will now be much smaller owing to the current financial climate and casino groups postponing investments.

ILD has now announced that it will not now present its project, as required under the Law of High Capacity Entertainment Centres, until after this year’s summer break. A company spokesman said that there was no point in hurrying as the Aragon government does not function in August. He added that ILD continued to move forward with its plans and just because no formal presentation of the project has been made, this did not signify that it would not be presented. All the details of the enormous undertaking are being worked on and no definite date for the presentation is available as yet.

Arturo Aliaga has always kept up to date with the progress of Gran Scala but following the ILD postponement he has chosen not to comment. Already ILD has paid over €1 million to secure the necessary land in Los Monegros, just 12% of the total value. According to the agreed regulations, Gran Scala must guarantee direct employment for 3,000 and 8,000 hotel rooms on an area no smaller than 1,000 hectares. The first phase of construction will likely include 10 casinos but a time frame still appears some way off. (E-07.20.10)

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