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Melcolot terminates share deal following Catalonia delays

HK-listed MelcoLot Ltd and Melco International Development Ltd have announced it will terminate a share purchase agreement relating to its casino project in Catalonia, in Spain.

In a joint filing to the stock exchange on Tuesday, the two companies said that given the delays in the overall timetable for the tender process, timeline for the Master Plan as well as the political situation in Catalonia were the main reasons for the termination.

Lawrence Ho’s MelcoLot back in January already said it has run into delays in its pursuit of a casino licence in the Spanish city of Barcelona due to political uncertainties.

In a filing to the Hong Kong Stock Exchange, the operator and developer said the delay may be due to uncertainty about urban planning within the government of Catalonia, the region where Barcelona is situated.

BCN Dream is set to include more than 10,000 hotel rooms, an exhibition and meeting center and up to 5,000 residential units.

However, since the Catalonia regional parliamentary elections in September 2015, Catalonia has not been able to form a government as no single political party has succeeded in securing an absolute majority of seats in the regional parliament, and the political parties have been unable to form a coalition government.

“Considering the developments described above, the timetable for conclusion of the definitive Master Plan is relatively uncertain at this juncture and may potentially delay the finalization of the Master Plan and subsequently the overall timetable of the tender process,” MelcoLot said at the time.

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