Las Vegas Sands Chairman Billionaire Sheldon Adelson has announced the location of a new multi-billion dollar gambling resort project “EuroVegas” to be located just outside of Spain’s capital of Madrid. The total cost for the project is estimated to be as high as $35 billion and possibly one of the largest investments in European history.
Las Vegas Sands will fund only 35% of the total cost of the project and has also made demands to some changes in local laws such as changes in Spanish laws to let gamblers smoke inside the casinos and the new buildings to soar above the city skyline.
The project could create as many as 250,000 jobs which would give a huge boost to the country which is currently experiencing 25% unemployment and in deep recession. Just last week, the Spanish government has plans to add €6 billion to the country’s bailout package. The country’s financial situation could have an adverse impact in raising the remaining 65% needed for the immense project.
Someone has to make the first move and it was Las Vegas Sands Corporation, a company that already operates the massive Venetian Resorts, taking the plunge in a big way into Europe to make EuroVegas Europe’s gambling mecca. The project is expected to contain six casinos, 12 hotels with a total capacity of 36,000 rooms, a convention center, shopping centers, bars and restaurants as well as three golf courses.
Following Vegas, several of the larger Las Vegas casino operators like MGM, Wynn and Sands have set up huge projects in Macau and created mirror resorts in the Asian gambling capital which have been highly profitable to make up for profit slumps in Las Vegas. If the project gets underway, it is expected that phase one would be completed by 2016 and final phases would be done by 2025. It takes approximately 7 hours for a flight from Eastern Canada to Madrid.