Europe's largest casino complex is to be developed in Spain's semi-arid Los Monegros desert in an attempt to emulate the entertainment and gambling industry in Las Vegas. The regional government of the Spanish province of Aragon signed a draft agreement last week with an international consortium of developers to build a total of 70 hotels, 32 casinos, 500 shops and five theme parks. The investment value of the project is estimated at EUR 17 bn.

Europe's largest casino complex is to be developed in Spain's semi-arid Los Monegros desert in an attempt to emulate the entertainment and gambling industry in Las Vegas. The regional government of the Spanish province of Aragon signed a draft agreement last week with an international consortium of developers to build a total of 70 hotels, 32 casinos, 500 shops and five theme parks. The investment value of the project is estimated at EUR 17 bn.

The master plan for the scheme, provisionally named Gran Scala, involves three stages, and will cover an area of 2,025 hectares. The backers are hoping the venue will attract 25 million visitors a year from 2015.

'We have great hopes of regenerating a zone that has been abandoned for several years,' said regional vice premier Jose Angel Biel, following the signing of the agreement with the International Leisure Development, a group that includes Spanish, UK, Australian, French and US investors.

The first phase of the development work is due to start late next year, with completion in 2010. The first phase will include the development of three theme parks and a group of casinos. The final stage is scheduled to be completed in 2023.