Spain’s EuroVegas to be Completed in 2022

Spain’s Euro Vegas to be Completed in 2022The plan to build EuroVegas in Spain was put forward by the Chief Executive Officer of the Las Vegas Sands company, Sheldon Adelson, in 2011. A year followed in which the cities chosen as possible locations for the huge casino complex rivalled in their attempts to win the development for themselves. Barcelona and Madrid both tried to find ways to make changes to local laws on labour and tax that were sought by Sheldon Adelson. Both cities wanted to attract EuroVegas which would bring in thousands of jobs, 15 000 of these in the construction of the 18 billion dollar casino and entertainment complex.
This along with the great attraction to tourists would contribute greatly to the local economy especially as unemployment is extremely high in Spain due to the economic crisis.Madrid was the city chosen by Adelson’s company Las Vegas Sands (See article: EuroVegas to be built in Madrid). The regional government’s economy and finance minister recently announced that EuroVegas will take about ten years to build. The casino complex will be built in three stages and will eventually be almost half the area of the Las Vegas strip when it is completed in 2022. Work is due to begin towards the end of 2013 on the Madrid site. The complex will include 6 casinos (18 000 slot machines), 12 hotels, theatres, entertainment venues, conference centres, retail outlets and golf courses. Over the next twelve years it is predicted that EuroVegas will provide about a quarter of a million jobs.Making changes to local laws to accommodate the demands made by Sheldon Adelson meant that both Madrid and Barcelona had to look into making exceptions to the smoking ban and to tax rates on casinos which are very high in Spain. Since Madrid has been chosen the regional government has announced that the tax on casinos in Madrid will go from 45 per cent at present to just 10 per cent which will be the lowest in the country.

There is also the possibility that EuroVegas may be allowed exemptions from certain regulations on casinos. The Spanish central government is also to change some laws which would benefit EuroVegas. These changes could permit the regions to exempt some companies from local taxes linked to construction and property. It is hoped that the EuroVegas casino resort will increase the number of tourists to Madrid by over 4 million.

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