MelcoLot to go solo on Spanish project

Monday 12th of October 2015

MelcoLot said it will proceed with a plan to tender for a casino license in Spain’s Catalonia region without its partner Veremonte.

MelcoLot has terminated its co-operation with Veremonte in relation to the tender, however the company remains interested in participating in the second phase of the tender process and is exploring cooperation with other pre-qualified bidders, it said in a Hong Kong Stock Exchange filing.

It cited a “lack of basis in further cooperation,” as its decision for ending the accord, without giving further details.

“The MelcoLot Group believes the Spain gaming market presents a unique opportunity with strong fundamentals to develop into a world class gaming market,” it said.

Those fundamentals include strong tourism arrivals to Barcelona. The project will also be located next to the PortAventura, which is one of the most visited theme parks in Europe with about 4 million visitors a year.

It also said there will be further attractions built around the area, which will further boost visitation.

The company said it will benefit from having 99 percent of the project if the transaction is approved, apart from 50 percent under the cooperation with Veremonte.

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