There is exciting news for casino lovers in the US and in Europe, because Las Vegas Sands is planning on creating a spectacular leisure and gaming resort just outside of Madrid, Spain. The project is being called Euro Vegas, but it is still not quite clear how the complex is going to be financed, because of the extensive recession, crises and other issues that are associated with building such a massive project in Spain. It is also unsure exactly where outside of Madrid the casino is going to be built. Although the project is still in early stages, it is expected to begin soon, because the Euro zone debt crisis is improving. Currently, the Sands is anticipated to contribute up to 35 percent find equity required to build Euro Vegas, and is exploring other financing options available from capital markets, to ensure the success in building and marketing this exciting project. The choice for building the complex outside of Madrid versus Barcelona was a difficult choice, because Barcelona is a spectacular tourist destination, the Madrid is the capital of Spain.
Although all of these cities are Spain’s largest, authorities of Catalonia, the capital of which is Barcelona, presented a theme park/casino project of the realm, which help to push the Sands building of their own complex to Madrid instead of Barcelona. This will relieve an extensive amount of competition, because Barcelona World will be located near Barcelona, as Barcelona-based banks will be financing and assisting in property development. Currently, Euro Vegas is still under wraps, awaiting final approval to begin construction. The idea behind Euro Vegas is that it will be a spectacular resort that has 12 hotels with 36,000 rooms available. Euro Vegas also provides six different casinos, 18,000 slot machines and provide players and enthusiasts alike, three stunning golf courses. Although this is the presentation and idea that they want to pursue, the exact location and size of Euro Vegas is still unknown. There are different plots available around Madrid that have been empty and undeveloped, because of the recession and Spain’s property market collapse.
There is an extensive amount of support as well as opposition far the creation of Euro babies outside Madrid, because of ethical and environmental issues. However, investors are still skeptical, because they are concerned about a Greek bailout for Spain. There is also opposition, because of the urging for Spain’s government to reduce or eliminate certain taxes, as well as reduce or eliminate restrictions placed on smoking in public places, in order to make Euro Vegas a reality. There is also speculation that the Sands may have been a party to secret conditions, in order to attract American money in order to create this spectacular hotel, casino, and resort in Madrid. An additional opposition, there are many in the country that fear a hike in criminal activities, including money-laundering and prostitution, caused by promotion of gambling in the country. For now, Euro Vegas is on hold, but with the European market improving, it may become a reality faster than originally anticipated.