Hi guys,

I've read an intesting article about a Las Vegas style CASINO CITY ity that is going to be constructed in SPAIN. What are your visions about investing in property in the region (it is clear that Spanish property in general in not a smart investment anymore, although this might still be something worth looking at)
Please see the article below, looking forward to hear your comments on it

Friday, January 25, 2008
Spain Approves Las Vegas Style Project

A Las Vegas style project is approved for a huge £12.2 billion casino and theme park in the north of Spain.

The regional government of Aragon have agreed plans to transform the Spanish desert into a themed entertainment zone.

The ‘Casino City’ investment project is to be built over a 10-year period on 5,000 acres of land. The development will include a reported thirty-two hotels, five theme parks, a stadium, conference centre, bull ring, water park and will also include the famous Las Vegas inspired wedding chapels.

The investors plan to invite Daniel Craig,star of Casino Royale, to promote the James Bond inspired theme park - Spyland, to glamorise and raise the profile of the project. International Leisure Development, a London based consortium leading the project stated, “It’s going to bring lots of jobs. Disneyland Paris will be tiny in comparison.”

Gran Escala (meaning large scale) has been chosen as the provisional name for what will be the largest casino city in Europe. Once complete with backers, it has been projected that visitor numbers will be 25 million per year with a maximum capacity of 35 million. Marcelino Iglesias, the socialist president of Aragon, estimated the casinos would create 30,000 new jobs stating, “The project is important for the whole community.”

The nearby city of Zaragoza is already connected to Madrid via a high-speed rail link. However, plans are in place to inject further investment to upgrade both rail and air transport to the city from other European destinations.

The first phase of construction is due to commence during the summer of 2008 with the Water Park and Spyland first on the agenda.