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Madrid Chosen for Massive Casino Complex

Las Vegas Sands Corp has chosen Madrid over Barcelona as the location for a multi-billion dollar gambling resort.

Las Vegas Sands Corp has chosen Madrid over Barcelona as the location for a multi-billion dollar gambling resort.

Madrid was announced as the location for the project, ‘EuroVegas’, in a statement released by CEO Sheldon Adelson last Friday. In the statement Adelson said that the government of Madrid “has been a strong advocate for this potential development” and that the choice of Madrid or Barcelona “was not an easy selection.”

Advocates of the project are looking forward to the thousands of construction and service jobs it will create, however, some are arguing that it will attract criminals and say that low level service jobs are not going to satisfy young people who urgently need work.

Adelson has said that he wishes to invest $22 billion in the project and the company statement said that Las Vegas Sands will not allocate more than 35% of that amount. Adelson said he is also pushing for Spanish laws to change to allow smoking inside the casinos and new zoning regulations to allow towering skyscrapers.

It is expected that the project will take about 10 years to complete. The plans include six casinos, 12 hotels with 36,000 rooms, a convention centre, three golf courses, shopping centres and bars and restaurants.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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