Eurovegas

In September 2012 Sheldon Adelson proposed a major investment in Europe after he and his team had been in discussions with governments in Madrid and Barcelona and possibly elsewhere in Europe.

Finally, Las Vegas Sands Corp. announced Madrid had been chosen as the destination for the gambling resort project dubbed "EuroVegas".^[1] More precisely, in February 2013 it was reported the town of Alcorcón, in the outskirts of the Spanish capital had been chosen as the site for the "EuroVegas" project.^[2] It is expected to take about ten years to build^[3]

Eventually in 2025 or 2026 Eurovegas will occupy approximately 2000 acres (7.5 square kilometers), and when complete, should comprise:

• twelve skyscraper hotels up to 500 feet (150m) high capable of accommodating several thousands of guests in considerable luxury.
• six casinos
• three golf courses and other sports facilities, notably an indoor stadium and covered tennis complex,
• a shopping mall and outlet stores
• a major convention center and assorted meeting facilities
• a wide range of restaurants,
• assorted Leisure centres including a spa and adventure park
• an amphitheater for 20,000 people and various concert facilities
• parks including nature reserve

The developer plans to the first phase in 2016 but reports that the Government of Spain is reluctant to grant the various legal exemptions necessary. In effect, the company wants a legal tax haven in which the Europe wide ban on smoking in public places would not apply, its management code would replace national employment regulations.^[4] These issues relate to easements of various European Directives, and may be a smokescreen to obscure funding difficulties^[5]

Eurovegas would be the third resort macrocomplex to open outside of the United States of America (after Macau and Singapore). The completion of the works will likely wait until 2022 and inauguration final and official until 2025 or 2026.

Objections

There is a campaign called Stop Eurovagas supported by many trade unions, socialist leaning politicians and notably the Roman Catholic Archdiocese of Madrid, who claim it would provide money laundering for corrupt politicians, prostitution and poverty and excessive temptations for workers to cheat. The Spanish government and the ruling People's Party have been embroiled in a scandal known as Gürtel while the for some years while the main opposition Spanish Socialist Workers' Party is accused of fraudulent payoffs in a massive case known as ERE.

Cancellation

On 13 December 2013 the Financial times reported that Sheldon Adelson had canceled his $30bn Eurovegas project in Spain.^[6] The stated cause was the refusal of the Spanish government to accede to the legal concessions such as exemption from the (Europe wide) prohibition of smoking in enclosed public places and providing long-term guarantees in regard of tax concessions and relaxation of employment regulations. The deputy prime minister of Spain, Ms. Soraya Sáenz de Santamaría is quoted as saying"

“It is impossible to create a legal shield against regulatory changes because the courts are sovereign, majorities can change and the idea of indemnifying against future regulatory changes does not exist in our legal system”

References