A US casino operator has abandoned plans to build a USD 30 billion (EUR 18 billion) mega-resort dubbed “EuroVegas” by the Spanish press, putting an end to one of the biggest investment projects in Spain in recent years.For more details on this surprising turn of events, please click the following internet page.
Las Vegas Sands, headed by 80-year-old American billionaire Sheldon Adelson, had proposed a project that included 12 hotels, six casinos, a conference center, a golf course, a movie theater, a shopping mall, bars, and restaurants in a Madrid suburb.
Adelson said in a statement Friday, “We do not see a path forward to achieve the standards necessary to move forward with this massive development.” As a result, we will no longer pursue this opportunity.”
Las Vegas Sands announced in February that Alcorcon, outside Madrid, would be the site of Europe’s first Las Vegas-style resort. The project quickly won the support of Spain’s center-right government, which expected the project to increase jobs and tax revenues. The company predicted that up to 250,000 jobs would be created in Spain, where one in four people are unemployed.
The Spanish government announced Friday that it had rejected some of the ke-bet.com, including a guarantee of compensation for future legal changes.
Deputy Prime Minister Soraya Saenz de Santamaria told reporters after the Cabinet meeting, “New conditions regarding taxes and legal protection have been presented.”
She added: “The government must protect the interests of all Spaniards.”
The project was widely opposed throughout Spain, including by those who fear that mega-casinos will lead to increased crime and prostitution. Others protested the environmental impact. Adelson also wanted the law changed to allow smoking in casinos.
Earlier this year, the Catholic Church interrupted the controversy in a statement, expressing concern about the project. The bishop of Getafe, a suburb near the proposed construction site, said, “The church supports the initiative to create wealth and jobs, but not at any cost.”
News of the project’s cancellation spread quickly, trending on Twitter within the first hour. It’s the best news,” Leopoldo Garcia tweeted. Leopoldo Garcia said the project was the work of a company that wanted to take advantage of Spain’s already battered economy.
Economist José García Montalvo said it was difficult to judge whether the news was good or bad. On the one hand, it will create jobs.” On the one hand, it creates jobs, which is a good thing. But it was the overreliance on the construction industry that led Spain into this crisis in the first place. So the idea of building something to help the situation did not seem like the best idea.
Only recently, he says, has he begun to like the idea. “It is an acceptable solution in a desperate situation where there is no other way to create jobs,” he said.
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