The Mogán Mall rises in Puerto Rico like a crystal giant gleaming in the southern sun, but if you look at the accounting records, you discover that its foundations aren't volcanic rock, but debt piled up like marked cards in a gambling den. The cash register is ticking, yes, but the echo of the numbers smells of wet gunpowder, according to what it declares to the Commercial Registry of Las Palmas.
The company that spawned it, and in which a Hiperdino partner, Javier Puga, is a member, left a trail of invoices like knife wounds. In 2021, it declared losses of €3,8 million that weighed like cement slabs on its balance sheets. Then came the resurrection, they say: a rebound in sales and even profits, albeit minimal, in 2022. But the auditors, with their sharp ties, warned that the air was thicker than it seemed: the accounts depended on the banks' forgiveness, and any delay could bring the castle crashing down.
The glass giant thrives on tourists seeking shade under its walkways, but its numbers seem to be playing Russian roulette. Its debt, exceeding €100 million, chains it to the whims of a bank that smiles one day and bares its teeth the next. It's like having a Bengal tiger locked in a mud cage.
Mogán Mall has been carrying a heavy financial burden ever since: according to the latest data, its debt amounts to around 95 million, with an annual interest payment of around 4,2 million and a principal amortization of close to 7 million, which places its total debt service at around 11 million per year, while its gross income in 2024 barely reached 18,5 million and net profit, after taxes and operating expenses, stood at around 2,1 million, thus generating an insufficient profitability margin to cover financial commitments and opening a risk scenario in which the ownership seeks refinancing formulas to avoid liquidity tensions.
Even so, the managers paint an optimistic picture: they talk about profitability, tourists flocking for the high season, and occupancy rates reaching 90%. Words like expensive perfume to hide the sweat of deadlines. But the paperwork, which doesn't lie, keeps saying the same thing: Mogán Mall's feet aren't standing on solid rock, they're standing on sand.
The picture is clear: a shopping center that shines like a diamond on Instagram, but keeps a biblical debt in its basement. In this game, numbers are like a loaded dice: today they're profitable, tomorrow they could turn blood red again.
The Mogán Mall, in southern Gran Canaria, is burdened by a financial burden that has turned it into a giant with feet of clay. The shopping center, opened after an investment of approximately €120 million, now faces debt pressure and a slowdown in consumption, factors that compromise its profitability in an environment of intense competition in the island's retail sector.
According to financial sources, the initial financing structure, designed in the midst of the tourism euphoria, has been overwhelmed by market changes. First, the pandemic, and then inflation, hit the resort's accounts hard. The result: an imbalance between income and bank obligations that, while not yet placing the resort at imminent risk of closure, does raise doubts about its medium-term viability.
Analysts warn that the future of Mogán Mall will depend on two key factors: its ability to renegotiate its debt and the growth of tourism in southern Gran Canaria, where much of its shopping comes from. Meanwhile, creditors are cautiously watching a project that began as an emblem of commercial modernity and is now struggling to avoid becoming a symbol of financial excess.
