Adios Madrid! The dream EuroVegas goes down!

eurovegas projectIt was one of the largest investments of Spain to boost the economy but the Iberian Las Vegas Sands – with a brief statement – has decided to do reversing and say “adios” to the ambitious project of “EuroVegas.” For Spain it is a “blow”: the new mecca of European game had to create 250 thousand jobs and serve as a driving force for tourism, Sheldon Adelson instead preferred to store the Spanish experience and focus on the Asian market, with new real estate projects (Las Vegas Sands is a leader in Macau and Singapore).It ‘a cold shower for the Government of Madrid: EuroVegas would provide for the construction of six hotel-casinos, for 36 thousand beds in total. But the news was in the air as early as September disquieting rumors were circulated. There was talk of a rift between Las Vegas Sands and Spanish politics. In particular, Sheldon Adelson had first requested a derogation on the laws on smoking and then the (unlikely) bans of the new Iberian online gambling market. His statements sounded more like blackmail. But it is very likely that the project will be skipped because of the disastrous financial situation of the multinational company in Las Vegas that has just been renovated much of its debt (EUR 9.8 billion), and has asked banks further help (about 17 billion ) for EuroVegas (the total cost would be 30 billion). It is true that the potential turnover would have been crazy, but for the Iberians banks, one thing is to finance, with 100 millions, the purchase of the player Bale, and another is exposing themselves to so many billions. In Spain, the GDP turned positive after nine long months, but the time for “doped” growth seems to be over.

December 18, 2013 by : Posted in Poker News No Comments

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