Central government has confirmed that it will not be pumping any money into the troubled Playa de Palma reformation project this year because of the general lack of funds.
Initially, Madrid had agreed to invest 10 million euros per year and the Spanish tourist board, Turespaña an extra two million.
But, it looks like the project, which has yet to get off the ground, is now in serious financial difficulties and may have to be revised.
City council sources said yesterday that in order for the project to get going, it is going to need an injection of funds from the private sector, although, it looks like the project to build a casino and hotel on the Ses Fontanelles site is going to go ahead along with a wellness centre nearby.
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