Singapore Investor to Build Casino Resort in Spain

The singaporean multinational also wants to help get the Formula 1 European Grand Prix back in Valencia, saying the extra revenue from the hotel will “more than justify” it's presence.

With an investment of €200 million over the next three years, the hotel complex will be “the best urban resort in Europe” with 8.000 permanent new jobs, 754.000 extra tourists a year and a private investment of up to €1 billion if the golf club and surrounding luxury residential estate planned is able to be built.

The existing Docks building would be used, but the city council and regional government would have to agree to amendments to development and gambling regulations, given that the resort would probably include a casino.

According to ARC Resorts, the hotel would contain 120 suites, each measuring 400 square metres, with a spa and sun terrace, but with the design always remaining in keeping with the original features of the Docks building, which was constructed in the year 1927.

It would include a casino, a 2.000-square-metre glass atrium, the only Global Glass Artist museum in Europe – which would be open to the public as well as hotel guests – limousines, yachts, and other services to “meet the demand for top-end luxury”.

A huge concert and event arena with a souvenir shop selling fan merchandise, an indoor market and shopping centre “three or four times the size” of the San Miguel one in Madrid, an arts and conference centre in the Veles e Vents building, a yacht club, offices and a sailing training centre in the Team Alinghi building, and another hotel of 500 rooms are included in ARC Resorts’ proposals.

The company would also modernise the park, gardens and landscape in general of the Marina.

ARC already has similar complexes up and running in Sri Lanka and Kazakhstan, and another built in the port of the city-State itself has turned Singapore Marina Bay into a booming and élite tourism and residential centre, whereas prior to its opening in 2003 the area was just a commercial harbour.

Valencia is “ideal” for the project, because it boasts the necessary infrastructure, excellent weather and local cuisine and is very geared-up to tourism already, but the Marina, which “could be the jewel in its crown” is “lacking content”.

The Royal Marina was revamped through a massive investment ahead of the America’s Cup in 2007, which resulted in a metro line being built from the central València Nord station right through into the airport terminal. A year later, the first-ever Formula 1 Grand Prix was held on the new street circuit in the area.

ARC Resorts says it has “an excellent relationship” with the Formula 1 organisers, and would be prepared to invest the necessary €500m in bringing it back to Valencia. It would be bi-annual and alternate with the Formula E Grand Prix, which uses single-seater cars running on electricity.

ARC bosses say they would be looking at types of facilities, services and attractions that linked up with, and took full advantage of the iconic City of Arts and Sciences park, the Valencia trade fair complex, the wider tourism and business community and transport links.

Valencia regional minister of the economy, industry, tourism and employment Máximo Buch, and minister for the treasury and public administration Juan Carlos Moragues say they will “examine” the proposals in detail.

They added that “if it is presented officially and fully defined”, they will “provide the tools for it to go ahead as long as it is beneficial to Valencia city and region” and ties in with its “drive for excellence in tourism”.