The new mega-resort will feature casino gambling, a variety of entertainment options, and a Formula 1 track.

Former Disney vice president John Cora announced yesterday that his development company Cora Global will build a $ 3 billion mega-resort in Spain’s Extremadura region. The resort complex will cover an area of ​​1200 hectares in the city of Castilbanco.

Prior to founding Cora Global Concepts in Southern California in 2006, Cora was vice president of Walt Disney from 1963 to 2001 and vice president of Disneyland Resort from 1984 to 2001. He was one of the main supporters of the construction of the EuroDisney theme park in Spain. The project was eventually completed in Paris.

Elysium city

On Monday, news broke that Mr. Cora’s development company now intends to build an integrated resort in the Extremadura region. The integrated resort will feature casino gambling, among other recreational activities. The large-scale scheme is made possible by the recently approved regional law Ley Extremeña de Grandes Instalaciones de Ocio (LEGIO), which offers tax incentives to gambling halls that are created as part of larger projects.

During a press conference on Monday, Mr Cora, along with the head of Extremadura, Guillermo Fernández Vara, provided more details on the multi-billion dollar project.

Borrowing ideas from Greek mythology, John Cora and his company intend to build a true paradise on 1200 hectares of land. The complex resort project will be implemented in two phases. Now that Cora has received approval from the Extremadura government, construction work in the first phase is expected to begin within the next six months. The developers plan to complete the first phase of the project by 2023. The second phase is expected to be completed by 2028.

The first leg at Elysium City will include an 18-hole golf course, a football stadium with 40,000 spectators, three- and five-star hotels, a casino, a small marina, a water park, and a theme park.

Yesterday Mr. Kora announced that his company will invest about $ 1.5 billion in the first phase of its ambitious project. The initial phase is expected to create about 15,000 new jobs. There is still no information about who will run the casino in the large-scale resort.

The sum of $ 2 billion will be spent during the development of the second phase, and this will involve the construction of more hotels, residential towers, floating islands, a large marina, convention center, Formula 1 track and more. As mentioned earlier, construction is scheduled to be completed in 2028. The second stage will create between 40,000 and 50,000 new jobs.

Elysium City’s official website says it will be “the first major urban smart project in Europe planned and built from the ground up with 17 Sustainable Development Goals (SDGs) in mind” and the largest of its kind globally.

The developers did not provide information on the funding for the project, but said they had started looking for sponsors.

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