Euro Vegas Finance Secured: Construction to Start 2013

EuroVegas MadridWith the recent announcement that Sheldon Adelson’s Las Vegas Sands Corporation has the finance necessary to develop the EuroVegas complex just outside Madrid, work on the first resorts could begin before the end of the year. There was strong competition between the cities of Barcelona and Madrid to attract Sheldon Adelson. Both cities were prepared to make major concessions to have Euro Vegas especially as unemployment at 26 per cent is so high in Spain.
In the end Madrid won out. From the outset the Las Vegas Sands Corporation let it be known that it would secure 35 percent of the 9.8 billion euros needed to enable the construction of the casino and entertainment complex. In the recent announcement the Sands Corporation announced that the other 65 percent of the finance would come from banks including some Spanish banks but the company said that had to wait for the tender process to be completed first before it could sign agreements so they have not been named yet.Sheldon Adelson’s Las Vegas Sands Corporation owns the Venetian Casino Resort and the Pallazzo Casino Resort on the  Las Vegas Strip. It also has huge investments in Asia where it owns the Venetian Macau Casino resort and the Marina Bay Casino Resort in Singapore. In developing the complexes in Macau and Singapore tens of thousands of jobs were created. It is hoped that the same will happen in Spain with some predicting, that between the construction of the resorts over the next 18 years and also direct and indirect employment offered when the casino resorts are completed, that almost a quarter of a million jobs will have been created. It is also expected that about one million tourists from Europe would fly into Spain to visit Euro Vegas and the new terminal at Madrid airport should cope well with these extra numbers.

EuroVegas will be built on a site in the town of Alcorcon just outside Madrid. It will be one of the largest building sites in Europe at 3 square miles. The first stage of four casino resorts with hotels, casinos, retail outlets, restaurants, golf courses and entertainment venues should be completed in 2017. When the whole complex is finished there will be 12 of these casino resorts. However not everyone is happy with the development with opponents claiming that the complex will bring with it the possibility of organised crime, social problems and an increase in gambling addiction.

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