NEWS EXTRA
Las Vegas, Macau and then… Spain
Casino magnate and LV Sands CEO Sheldon Adelson eyes Spain as the next global gaming destination. Madrid and Barcelona are now competing to welcome a Euro 16 billion Vegas-style complex that could house 12 casinos, scores of hotels, conference centres and usher in Adelson’s latest extraordinary gaming vision – “EuroVegas”.
T
alks of turning a stretch of land between Madrid and Barcelona into Europe’s very own gambling mecca were conceived in 2007. International Leisure Development purchased government land to create
upwards of 30 casinos, 5 major theme parks, hotels, golf and retail, but the economic climate put discussions of the “Gran Scala” project on hold until at least 2014. Enter Adelson. The gaming tycoon has seen his vision of a Las Vegas strip in Asia turn Macau into the epicentre of gambling over the past five years. The Cotai Strip was untouched, water-logged land until Sands built the world’s largest casino resort The Venetian Macau, attracting inconceivable development projects that now flourish as the world’s leading gaming hub. Despite having one of Europe’s largest economies, the financial situation in Spain has been left in tatters after a long history of political and industry mismanagement. Unemployment rates are the largest in recent history with 23 percent of people out of work, more than in any other European nation. “We selected Spain to be the location of our
European strip number one, primarily because of the weather,” Adelson told reporters last year, “And second point is that unemployment in Spain is significant and assures us the support of the government.” The government happily welcomed the proposed
revenue and job creator and have met Adelson on several occasions since declaring, “I want to create a mini Las Vegas in Europe!” Spain is perfectly situated within a five-hour flight of
50 countries. Barcelona and Madrid are the two cities of focus. Adelson and LV Sands management first perceived Barcelona to be a better brand, although have also recognised the capital city as a potential site. “We want it to be located somewhere with significant tourism infrastructure already in place,” said Ron Reese, PR officer for Sands, “A transportation system able to handle the kind of
10 APRIL 2012
numbers we’re talking about. Proximity to other countries and, ideally, mild weather.” Location could be determined based on the region most willing to comply with legislative de-restrictions proposed by Sands, including relaxed labour and money-laundering laws, designated smoking areas and the company be exempt from tax for the first two years of operation.
Beach UK newspaper The Guardian recently reported
that Adelson was in talks with the Catalan government over a vast stretch of land located nearby Barcelona airport. The city is a popular, cosmopolitan tourist destination and has a beach. Madrid boasts a central location and excellent
transportation links. The capital city’s Prime Minister Esperanza Aguirre has already met Adelson several times to discuss the project, which further signifies the billionaire’s sincerity. According to Spanish newspaper El Mundo, the
EuroVegas project could create upwards of 260,000 direct and indirect jobs, almost half the unemployed in Madrid. “We should change whatever norms have to be changed,” Ms Aguirre was quoted as saying, “We have to encourage this … though there are some demands that can be accepted and others that cannot.” LV Sands, led by the vision of CEO Adelson,
continues to speak with leaders in both cities. According to promoters, the project would be the largest private investment in European history and the company would invest 6 billion Euro in Phase 1 alone.
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