The initiative would reduce urban planning and administrative deadlines by half as the projects would be fast tracked as a matter of urgency. The new rules are part of a new plan to bring investment into the area as the government is facing a shortfall in state finances of €300m.
The proposal would create a legal framework, which would allow for the construction in Extremadura of large complexes that combine tourist establishments such as hotels, spas, cultural facilities, conference centres, golf courses and aquatic recreation centres alongside other facilities designed for adult leisure including casinos, bingo halls and slot parlours.
The President of Extremadura (PSOE) Guillermo Fernández Vara announced that the objective of the new rules is to enable and attract the development of large theme parks and family leisure centres in the region.
Favourable conditions would be imposed when it comes to gambling taxes. In the case that the new centres include casinos, deductions of up to 80 per cent in gaming taxes are now being considered by the government but this would depend on the total amount invested in the construction of the complex as well as other facilities on site.
Investors will also benefit from both legal and fiscal advantages. When it comes to casinos these will be exempt from local rules covering the granting of licences which both requires public licence tender processes and limits the authorisations to one casino per 500,000 inhabitants.
As for tax, a fixed rate of 15 per cent will be established for casinos in the new resorts. This percentage is currently applied when gaming income does not exceed €2m per year, but it reaches 30 per cent when it goes beyond €2 and reaches the €4m mark.
According to the timetable, companies must present the project to the government, which would include data on the company, along with a preliminary urban plan, a preliminary environmental study as well as an economic-financial study. These plans will need to outline the creation of jobs, work schedule, along with the necessary infrastructure.
The qualification of the proposal as a large leisure facility will reduce the processing time by half. If the project includes casinos, the authorisation will cover all types of gambling contained in gaming legislation already in place in Extremadura. In total, the process will take from five to six months.
Source: GMB / G3 Newswire
