Spain’s two largest cities, Madrid and Barcelona, are competing to attract Sheldon Adelson’s proposed ‘Eurovegas’ casino resort.
The multi-billion euro project is expected to combine several hotel and casino properties and could bring thousands of new jobs to the country. Understandably, several regional governments are vying to bring the project to their own areas, given the precarious position the country finds its economy in.
The capital, Madrid, and Barcelona are reportedly the frontrunners but Adelson is believed to be holding out for concessions from both the national and regional governments.
According to the BBC, these include the level of social security paid to workers, immigration laws and the smoking ban.
Of course, Spain is no stranger to real estate boom and bust. Much of the current economic crisis is tied up in land, with some suggesting that there is a tangible link between the downturn in the property market and a fall in casino revenues.
Other major casino projects appear to have fallen by the wayside, as sources of speculative investment have dried up.
