Hard Rock increases capital to carry out its tourist project with a casino in Salou

Although the figure of this capital increase is still far from the costs that must be addressed in this project - of up to 2,000 million euros according to analysts - at least now Hard Rock BCN IR has 66.57 million available to assume the draft. And it is that until now the only available capital was the initially subscribed one of only 60,000 euros.

It is therefore expected that with this capital increase, Hard Rock can at least meet the minimum figures and the first steps required by the Generalitat when granting it the fifth casino license in the community. According to the contract signed between both parties, the licensee company had to carry out a capital increase equivalent to 10% of the amount of the investment planned in the project. Thus, the 66.5 million now subscribed is equivalent to 10% of the budget set for the first phase: 665 million.

The contract with the Departament d'Economia also established rules on the amounts to be disbursed effectively. Thus, 25% of the capital increase, that is, 16.6 million, had to be disbursed during the first year of granting the license, 50% in the second year and 75% in the third year, until completing the 100% in the fourth year.

It is hoped that after this step - which has taken longer than expected due to the complex formula chosen by the Government to acquire the 150-hectare land from CriteriaCaixa - it will serve to accelerate the process, although the tourist crisis caused by the Covid pandemic- 19 seems like the biggest obstacle.

Source: Expansión (in spanish)