World

Mega casino projects that failed in Spain

Published

5 years ago

April 22, 2020

Beautiful casino megaprojects such as the Kingdom of Don Quixote, Gran Scala, and Eurovegas never saw the light of day in Spain. Barcelona World casino, on the other hand, supports a thread of hope that is becoming increasingly fragile. Why? There are no specific reasons for such fiasco, but there are some similar business strategies that could lead to bankruptcy. Another reason that may have affected the giants is a decline in interest among people to visit gambling establishments since online gambling clubs always at hand. For example, you can play top gambling games just by clicking on this link – www.casinonic.com/en-AU/games/top. Anyway, let’s take a look at each casino separately.

Kingdom of Don Quixote project in Ciudad Real

The Kingdom of Don Quixote project was presented in 2005. This casino was supposed to have an area of 10,000 square meters, a luxury hotel, a theater for 3,000 spectators, a golf course, 7,000 rooms, and 7,000 permanent jobs. For seasonal work should have involved 11,000 workers. This casino received funding from the gaming giant Caesars, which was supposed to operate the casino under the Harrah’s brand. That would be Las Vegas in Ciudad Real.

Negotiations are at an impasse and deadlines have not been met. On December 1, 2011, a meeting of shareholders declared bankruptcy. Caesars said it lost $ 27.1 million on this project.

The Don Quixote project has always been associated with another fiasco – Don Quixote Airport. The total debt amounted to 200 million euros. Sergio Alvarez, president of the Board of Shareholders, then told the local newspaper La Tribuna de Ciudad Real that his goal was to attract investors, seek funding and promote the project.

Gran Scala project between Zaragoza and Huesca

In December 2007, the government of Aragon introduced the Gran Scala project. The promotion company was International Leisure Development (ILD), which promised 32 casinos, seven theme parks, hotels for 25,000 guests, 250 stores, 26,000 direct jobs and nearly 65,000 seasonal. In total, investments amounted to 17,000 million euros.

The place chosen for the development of the Grand Scale project was the Monegros Desert, located between Zaragoza and Huesca. To implement this project, 4,000 hectares of land was needed.

Due to such a large amount of land, plots were acquired from private individuals. The conditions were as follows: owners received from 4 to 10% advance payment. If the investor did not pay the balance until February 2012, then the land was returned to the owners. And so, it happened. International Leisure Development did not pay the balance and the project itself remained only on paper.

Eurovegas Project in Madrid

In 2010, Las Vegas Sands began to be interested in opening a mega-casino complex in Europe. The owner of this company is billionaire Sheldon Adelson. The location of the future casino was considered either in Barcelona or in Madrid. Adelson said that it was Spain that was most suitable for hosting his “Gambling Eden”. He planned investment of 18 million euros. 250,000 thousand permanent and seasonal jobs, 12 hotels and restaurants with the ability to serve 50,000 people, several golf courses and 6 casinos with a large area.

Two years later, it was decided that the casino will be located in the capital of Spain. Three options were considered: Paracuellos del Jarama, Valdecarros and Alcorcon. The latter was chosen as the location.

Everything seemed to go smoothly, but delays, changes in the initial numbers, and requests for changes in laws began to appear. So, until 2013, after the resignation of Esperance Aguirre, the project fell apart.

So why these megaprojects closed?

The main groups opposed to the implementation of casino megaprojects were left-wing parties, environmental associations, and organizations against gambling. And the arguments are as follows:

Environmental Impact: This is a model that is contrary to sustainable development.
Gambling-based economic specialization.
Increase negative values.
The emergence of a marginal environment: drugs, mafia, and prostitution.
Low skilled labor.
Changes in laws: projects required changes in the law to meet the interests of the investor. For example, the government of Aragon approved the law on recreation centers of large capacity. For Eurovegas, it was necessary to amend the Tobacco Act, and in the case of Barcelona Word, a tax reduction was approved.

World

Turkish Textile Giant Sun Textile Solution Proposal for Drought

Published

3 months ago

February 4, 2025

Jenny Jackson

While the World Health Organization (WHO) and the United Nations (UN) are seeking solutions to combat drought through various projects, Ekoten Textile, a subsidiary of Turkey’s textile giant Sun Textile, has developed a groundbreaking project in collaboration with a technology startup to minimize the intensive water consumption in the textile industry. This pioneering project, the first of its kind globally, will enable the recycling and reuse of up to 90% of the water used in textile production.

Drought is one of the most pressing issues facing the world today. According to WHO data, 40% of the global population is struggling with water scarcity. By 2030, up to 700 million people could be forced to migrate due to drought. The unconscious use of water in global production processes plays a significant role in the rapid depletion of clean water resources.

The textile industry is one of the sectors with the highest water consumption. In Turkey, while the food industry consumes 22% of the water used for industrial purposes, the textile sector follows closely with 18%. For instance, producing an average of 40 tons of products daily requires 2,500 tons of water, equivalent to the daily water consumption of approximately 10,000 people.

CLEAN WATER RESOURCES FOR HUNDREDS OF THOUSANDS OF PEOPLE EVERY DAY!

In textile production, where clean water resources are heavily consumed, the innovative success of the Turkish company stands out as a global best practice. This initiative will shape the future of the industry. The wastewater recycling project, developed through intensive R&D efforts, will ensure that over 90% of the required water is sourced from recycled supplies.

The reuse of wastewater in production will transform the fate of countries operating in the textile sector. By preventing the use of clean water resources for textile production, this project will free up clean water sources that can meet the daily needs of hundreds of thousands of people.

R&D ACTIVITIES IN 38 COUNTRIES WITH 380 PARTNERS!

Sun Textile places great emphasis on R&D activities, conducting research and development efforts with 380 partners across 38 countries. Sun Textile and its subsidiary Ekoten Textile export nearly 90% of their production, solidifying their identity as a leading exporter. The company ships products to numerous destinations worldwide, including European countries, the UK, and the US. Sun Textile, the leading ready-to-wear exporter in the Aegean Region, achieved a consolidated turnover of 250 million euros in the third quarter of 2024, continuing its active growth trajectory.

OFFERING CUSTOM DESIGNS TO CUSTOMERS

Sun Textile provides its own designed collections to leading brands in Europe and the UK. Ekoten Textile, its subsidiary, is among the most respected knitted fabric manufacturers in Turkey and Europe.

With a dedicated sales team for each major customer group and five design offices in three different countries, Sun Textile creates designs tailored to its customers’ needs. Its largest clients include the Inditex Group, H&M, Jimmy Key, Tesco, Kiabi, Marks & Spencer, and Next.

Sun Textile also extends its sustainability approach to social responsibility, notably for its high ratio of female employees. The company, which went public in 2022, is also listed in dividend indexes.