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Spain – Cora Alpha announces new details for Elysium City Mega Project

By - 28 January 2019

Cora Alpha the US company backing the casino resort being planned for Extremadura has provided more information regarding the new project.

Speaking at a press conference during the International Tourism Trade Fair in Madrid executive assistant of the company’s operations Patricia Pedraza Freeman and Director of communications Ignacio Sojo, reported that the search for funding to begin work on the project has begun. Developers are currently working on the search for funding to begin work on the project that will be developed over 20 years with an estimated investment of €13,700m. The first phase of construction is scheduled for the end of 2019, and will conclude in 2023.

During the presentation last Friday at the Extremadura booth at FITUR, the company stressed that given the dimensions of the project, at the moment, the company ” is now trying to get funding for year one.” In this regard, they pointed out that except for the first of the three phases, the other two are “alive, open to change, subject to change”, so the financing for the project is “open to new investors and groups.”

The company forecasts 3 million visitors in the first year of operation and the generation of 6,000 jobs. Overall the new project will create between 55,000 and 60,000 direct and indirect jobs long term they said.

Director of Communications Ignacio Sojo highlighted the sustainability of the project, defining it as “a themed leisure park for families,which includes the construction of a Casino Hotel, five, four and three star hotels, shops, a golf course, three marinas, residences, a heliport, as well as a data center, since everything will be based around 5G technology, ” as well as “a stadium with a capacity for 40,000 spectators (20,000 in the first phase), and a residential area with 2,000 family units (expandable to 2,500).” According to Sojo the company plans to build four casinos which would be simply “another vertical of everything that the Elysium project aims to be.’

The casino resort will be based on Greek mythology. Cora Global has already received approval from the Extremadura government. The company has already submitted documentation together with the necessary guarantee of 10 million euros to the Extremadura government. The President of Extremadura Guillermo Fernández Vara first announced the new measures to allow for a large-scale leisure facilities in the area in March. In April, the new bill received the favourable opinion of the Council of State. In July, the Assembly of Extremadura approved the bill.

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