After many years of complicated negotiations, and a lot of controversy, it has been announced that funds are in place to build the biggest casino and conference complex in Europe.
The project, nicknamed ‘EuroVegas’ will be built in Madrid and will see a three square mile site transformed by 2031 into a complex that will include 12 resorts with 6 casinos, 3 golf courses, shopping malls, a convention centre, restaurants, theatres and bars. More importantly it will create approximately 240,000 jobs which will bring a huge boost to the area’s shrinking economy.
The project is headed by the Las Vegas Sands Corporation, headed by multibillionaire Sheldon Adelson, who has similar complexes in Macau and Singapore as well as hotels in Las Vegas. The company has secured funding of £8.3 billion ($9.8 billion), with approximately one third from its own resources and the remainder from banks.
The EuroVegas complex will be built in stages with the first scheduled to open in 2017, which will consist of 4 resorts with casino facilities and 3000 hotel rooms in each one. It is also rumoured there will be a replica of New York’s Times Square along with a 72 storey hotel and 2 skyscrapers resembling London’s Shard.
Opposition focused on worries about prostitution, gambling addictions and mafia activity, but these were overweighed by the financial benefits the EuroVegas complex would bring the region.