Eurovegas edges closer?
The Las Vegas Strip...in Spain?
SHELDON Adelson is set to meet this week with Spanish officials to discuss the development, tax breaks, and other potential accommodations to build the potential ‘Euro-Vegas’ in the country. The vision could be set to become a reality. Soon.
At the moment, Madrid and Barcelona are fighting over the potential project, with dollars being thrown about here and there in a bid to secure it.
The preliminary details are as follows:
- $20 billion to $22 billion investment over 10 years in 12 hotels and six casinos.
- 36,000 hotel beds to welcome guests, an incredible size.
- 18,000 slot machines, three golf courses, a convention center, shopping, and, of course, world-class dining.
Spain could do with such a glitzy project, as it would surely boost the 23% of unemployment a shrinking economy, and would be a huge budget deficit hanging over the county. Following suit to Japan, the Philippines, and Vietnam, Spain is looking to casinos to boost the economy and bring investment to the country.
Investors.com reported: “Simply put, Adelson is the only man to talk to who can consider throwing $20 billion around. There’s no word whether he may be able to bring partners in, but for now it appears he’s on his own.”
It added that Europe has casinos spread about the continent, but nothing like what’s on the Las Vegas Strip. A new strip could be a major tourist attraction and bring in players from around the world. We’ve seen that even new casinos in old locations, like Atlantic City, can revitalize an area for a period of time. But it’s still unclear what the revenue potential would be — I would say probably in line with Las Vegas as opposed to Macau.
