Spain’s precarious economic situation has put the future of Sheldon Adelson’s ‘Eurovegas’ casino resort plans in doubt.
Las Vegas Sands’ chief operating officer Michael Leven visited Spain this week to discuss the plans with authorities in the cities of Madrid and Barcelona, which are both vying for the project. Sands is planning to partly finance the first phase of the project itself, while seeking additional funding from banks.
Given the deepening financial crisis in Spain, obtaining such funding may prove difficult.
Speaking to the media in Madrid, Leven said the company had held talks with a number of banks, the AFP reports.
“I think it’s more difficult today because of the international global situation but it’s certainly not impossible,” he said. “If the project is not able to be financed by the banks, in other words if the world gets worse in the next six or seven months, then of course we would not be able to do the project.”
The plans for Eurovegas include bringing six casinos housing 18,000 gaming machines to the country. It is also anticipated to create around 250,000 jobs at a time when a quarter of Spain’s workforce is unemployed.
