ARC Resorts announced it would invest in Valencia with a new six-star hotel and casino. The company is also hoping to bring back Formula 1 racing and build a large golf course as part of the resort project. The announcement was made at the end of the third week of April. ARC stated the hotel complex will be the top tourist destination in Europe.
ARC is going to invest 200 million Euros during the next three year period. The company is going to provide 8,000 new jobs, which are full time and permanent. The company report indicates an increase in 754,000 tourists is possible once the project is completed. The entire project is going to invest more than a billion Euros from various sources, not just ARC Resorts.
While the investment of the Singapore Corporation, ARC Resorts is already in the planning stages there are still some discussions with the City Council of Valencia that need to take place.
The council must relax their current gambling rules for the casino portion of the project to be built. ARC Resorts stated the hotel is going to have 120 suites of 400 square meters in size, which is four times larger than a three room apartment. The suites will have sun terraces and spas.
The project is calling for more than a casino and hotel — It is also going to include 2,000 square meters of space for a glass museum. Limos, yachts and other services will also be made available to the public utilizing the hotel. Plans show a concert arena, indoor shopping area, gift shop, and arts centers. Additionally the plans have a sailing training center in mind. If plans are accepted for all these options then a second hotel with 500 rooms, of less luxury will also be built.
ARC Resorts began two major projects in Kazakhstan and Sri Lanka that are similar to the design and concept of the Valencia plan. Valencia Regional Government has already showed a positive response to the proposal. ARC is waiting for the Regional Minister of Tourism, Economy, Industry, and Employment as well as other ministers to review their proposal.