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Will a US Billionaire Make a ‘Eurovegas’?
Las Vegas Sands, a company owned by the US billionaire Sheldon Adelson, plans to build a copy of Las Vegas in Europe. The company has plans of making a large complex either in Madrid or in Barcelona, Spain. Currently Las Vegas Sands is in the process of negotiations with the officials of the both cities, so it’s up to them to decide whether this project will get a green light.
The American firm plans to build a complex consisting of 6 large casinos, 12 hotels, 9 theatres and 3 golf fields. “Eurovegas”, as it is called by the creators, will create as many as 261,000 direct and indirect jobs. This is particularly important for Spain, the country with the rate of jobless people around 23%. While the local governments are rather positive about the building of the complex, citizens have formed a group called “Eurovegas No”, which main aim is to prevent the building of the complex. The members of the group name excessive building in Spain one of the key reasons for crisis – in 2008 the collapse of the property bubble led to a dramatic downturn of the country.
Las Vegas Sands considers the building in either of the mentioned cities. While Madrid is ahead of Barcelona, the latter is a popular tourist destination, so both cities are attractive for the company. The final decision may be reported already next month. There is also the problem of land – Las Vegas Sands needs around 400 hectares of land. The building of the project may take up to ten years. The first phase of the building will include the construction of 12,000 hotel guestrooms and other facilities, and will cost approximately US$9-10 billion. The building of the rest of the complex will depend on the success of the first phase.
Las Vegas Sands is the biggest casino property in the world with properties in Las Vegas, Singapore and Macao.
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