MADRID — Development of a state-of-the-art massive gaming facility-cum resort is on the cards of the American business magnate, Sheldon G. Adelson who has finally decided the site on the periphery of Madrid. A considerable thought has been given by him before finalizing Madrid in comparison to Barcelona that is also the tourism hub.
Choosing Madrid for the project, known as EuroVegas has been a tough task with the owner, i.e. Las Vegas Sands that had to clarify its position in terms of availability of funds despite Spain’s downward fiscal & banking conditions. Apart from that, choice of the right place for the proposed property is also of vital importance. Accompanied by the top officials of Sands, Mr. Adelson paid visits to three major locations in Madrid.
Adelson has been successful to convince that the proposed project would meet success in al respects. He said that they have been able to gain enough support from the public who has extended their co-operation. However, the project does not lack opposition in terms of ethics and environmental issues; money laundering, womanizing and other illegal acts that may come up in Spain – say the opponents. The Socialist Party local leader Tomás Gómez suspected secret agreement between Adelson and Ms. Aguirre for the project. He added that law should treat all persons equally. The National Government was approached by President of Madrid’s local authority, Esperanza Aguirre seeking relaxations of certain taxes and smoking in public places that has been asked for by Adelson.
The project depends much upon the upheaval of debt in the euro zone that needed solution within Europe, says Sands. It added that they expect to minimize its offer up to 25 – 35 percent of EuroVegas’s equity and would seek fiscal support from the capital market. The optimistic and excited Mr. Adelson expected success for EuroVegas project too like the one he met in Macau and Las Vegas. Though the company is to finalize the size and location of the EuroVegas project, yet 18,000 slot machines in six casinos, 36,000 rooms in twelve hotels and three golf courses are in the pipeline for this massive structure.
On Friday, the Catalonia officials came with their own 4.8 billion euros ($6.1 billion) unique project, i.e. Barcelona World adjacent to PortAventura in the context of strong comparison between Spain’s two biggest cities. To be put up on the land now owned by a Barcelona savings Bank, i.e. La Caxa; Barcelona World is the dream of a Spanish property dealer, i.e. Veremonte who has to finalize the size of funding for the project.
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