Eurovegas

Eurovegas was a gambling resort project proposed in September 2012, to be completed in 2025 or 2026 in Alcorcón, Spain. The project was cancelled after disagreements between the entrepreneur, Sheldon Adelson, and the local governments.

In September 2012 Sheldon Adelson proposed a major investment in Europe after he and his team had been in discussions with government officials in Madrid and Barcelona and possibly elsewhere in Europe.

Finally, Las Vegas Sands Corp. announced Madrid had been chosen as the destination for the gambling resort project dubbed "EuroVegas".^[1] More precisely, in February 2013 it was reported the town of Alcorcón, in the outskirts of the Spanish capital had been chosen as the site for the "EuroVegas" project.^[2] It is expected to take about ten years to build^[3]

Eventually in 2025 or 2026 Eurovegas would have occupied approximately 2000 acres (7.5 square kilometers), and when completed, would have comprised:

• twelve skyscraper hotels up to 500 feet (150m) high capable of accommodating several thousands of guests in considerable luxury.
• six casinos
• three golf courses and other sports facilities, notably an indoor stadium and covered tennis complex,
• a shopping mall and outlet stores
• a major convention center and assorted meeting facilities
• a wide range of restaurants,
• assorted Leisure centres including a spa and adventure park
• an amphitheater for 20,000 people and various concert facilities
• parks including nature reserve

The developer planned to the first phase in 2016 but reports that the Government of Spain was reluctant to grant the various legal exemptions necessary. In effect, the company wanted a legal tax haven in which the Europe wide ban on smoking in public places would not apply, its management code would replace national employment regulations.^[4] These issues relate to easements of various European Directives, and may be a smokescreen to obscure funding difficulties^[5]

Eurovegas would have been the third resort macrocomplex to open outside of the United States of America (after Macau and Singapore). The completion of the works was planned to wait until 2022 and inauguration final and official until 2025 or 2026.

Objections

There is a campaign called Stop Eurovegas supported by many trade unions, socialist leaning politicians and notably the Roman Catholic Archdiocese of Madrid, who claim it would provide money laundering for corrupt politicians, prostitution and poverty and excessive temptations for workers to cheat.

Cancellation

On 13 December 2013 the Financial times reported that Sheldon Adelson had cancelled his $30bn Eurovegas project in Spain.^[6] The stated cause was the refusal of the Spanish government to accede to the legal concessions such as exemption from the (Europe wide) prohibition of smoking in enclosed public places and providing long-term guarantees in regard of tax concessions and relaxation of employment regulations. The deputy prime minister of Spain, Ms. Soraya Sáenz de Santamaría is quoted as saying:

“It is impossible to create a legal shield against regulatory changes because the courts are sovereign, majorities can change and the idea of indemnifying against future regulatory changes does not exist in our legal system.”

References