The Spanish town of Alcorcón, around 10km south-west of Madrid, is set for €22bn of investment after the Las Vegas Sands Corporation and Madrid government selected it as the location of Europe’s biggest casino resort.
The news that Alcorcón will be home to EuroVegas, which will contain at least 12 hotels and six casinos, has been received with cautious optimism by a region desperate for new jobs.
It is estimated that the initial phases will bring 40,000 posts to the area with as many as 250,000 direct and indirect jobs being provided in the long term.
The hotels alone will be able to accommodate 36,000 visitors and each casino is likely to house around 18,000 slot machines. While the proposed area of EuroVegas is half that of Las Vegas itself, restrictions on the height of skyscrapers for the development have been removed. Taxes on winnings may also be relaxed.
Las Vegas Sands, backed by chairman Sheldon Edelson, will provide between 35 and 40 per cent of the funding.
