The information about the location of the ambitious EuroVegas project has been finally revealed. Earlier we have written about this multi-billion project by Las Vegas Sands Corp. The project, which is to be built in Spain, was under question because of an unclear location. Now it is announced that the resort will be built in Madrid.
Even though the location is not a secret anymore, the size, scope, specific location in Madrid and financing options are unclear. Las Vegas Sands Corp. promises to allocate as much as from 25% to 35% equity for the project. The cost of the complex is €18 billion and it will contain 12 hotels and 36,000 guestrooms.
According to Sheldon Adelson, chairman of Las Vegas Sands, the choice of the location was not easy. The company has doubts as both Madrid and Barcelona looked good enough. One of the reasons for picking Madrid was energetic support from the regional government.
Together with this announcement Las Vegas Sands mentioned that the project is still at its initial stage and the speed of construction will be greatly influenced by the economic situation within Europe. Currently Spain has the highest level of unemployment in Europe – 25%, and the Eurozone still needs to cope with numerous problems and slow economic growth.