The Spanish economy is in bad shape and the casino industry there is suffering as a result, but insiders believe the new EuroVegas concept will help rather than hinder.
ALONG with several other southern European countries, Spain has suffered more than most in the global economic recession. It has a total of 42 casinos which, historically, have been very successful. It helps that Spain is a major tourist destination, ideally suited to the operation of casinos. There is no doubt, however, that the casinos have been hit by the economic downturn in the country.
The big news recently has been the advent of EuroVegas, a Las Vegas-style complex containing six resort casinos near the capital, Madrid. Work will begin soon on the project, which will take the best part of a decade to complete.
The question on everyone’s lips is: will this help or hinder the existing casino business in the country? Will EuroVegas bring in extra tourists who will also use the existing locations or will it divert visitors from the existing casinos?
The consensus of opinion within the industry seems to support the idea that it will be a good thing overall. Nick Shaw, who runs supply company Casino Equipment Warehouse in Spain, told InterGaming: “Personally, I do not think that the EuroVegas zone will damage the Spanish casino market further as I believe it will target players from outside Spain. Also it will hopefully create much needed jobs and revenue for industries that will service the EuroVegas casinos, such as food supplies, laundry, wines, drinks and too many other services to mention.”
Leopold Oller, director of Austrian gaming machine manufacturer Amatic Industries, agrees. “It is hard to foresee, but we believe that this could have a positive knock-on effect. The EuroVegas project is targeted to the European market as a destination resort. Local players often prefer to play at their local locations.”
Read the full article in the May issue of InterGaming.
