The Las Vegas Sands Corp. announced today that Madrid has been selected as the site of its next multibillion dollar casino and hotel resort, and not Barcelona. The proposed casino resort will cost approximately €18 billion and will include 12 hotels with 36,000 rooms, six casinos and three golf courses and will be built over a decade. The corporation will inject 35% into development and the remainder will come from external financing.
Europeans dubbed the proposed casino resort "EuroVegas" and the news media in Europe focused almost daily headlines on the fierce competition for the project between Madrid, the nation's capital, and Barcelona, Spain's second-largest city.
Spain is facing an economic crisis with an unemployment rate of more than 24%. According to reports, EuroVegas developers promised that the casino resort would generate up to 250,000 jobs. The Las Vegas Sands Corp. has apparently said that it will lobby to change the non-smoking laws in Spain to allow gamblers to smoke while they gamble.
Last year, the Las Vegas Sands Corp. surpassed Caesars Entertainment Corp. as the world's largest gaming corporation, posting profits of US$1.27 billion in 2011. The Las Vegas Sands operates, among others, the Venetian and the Palazzo casino resorts on the Las Vegas Strip; the Marina Bay Sands resort in Singapore; and the Venetian Macao and Sands Macao casinos in Macau.