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.

Eurovegas Madrid
IndustryAmusement parks and resorts
FoundedCancelled
FounderSheldon Adelson
HeadquartersAlcorcón, Madrid, Spain
OwnerLas Vegas Sands
WebsiteEurovegas official website

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.

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 was 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:

The developer planned to begin 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, and 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 after Macau and Singapore. The completion of the works was planned for 2022 and the official opening in 2025 or 2026.

Objections

There was a campaign called "Stop Eurovegas" supported by many trade unions, socialist leaning politicians and notably the Roman Catholic Archdiocese of Madrid, who claimed the project would provide money laundering for corrupt politicians, prostitution and poverty and excessive temptations for workers to cheat. But the main reason why Eurovegas was finally not accepted in Madrid was because Eurovegas promoters wanted to have smoking allowed inside the casinos and the Spanish Gambling Business Owner's Association opposed to that allowance as an act against competition.

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 at the time, 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
  1. "Las Vegas Sands Names Madrid As Preferred Location for European Development". Las Vegas Sands. 7 September 2012. Archived from the original on 2012-09-11.
  2. "Spain's Alcorcon town chosen for EuroVegas resort". 8 February 2013.
  3. "Vegas Sands picks Madrid for 'EuroVegas' project". cbsnews.comEuropa Vegas. 8 September 2012.
  4. "EuroVegas: Alcorcon, Madrid Suburb Chosen For Spain's Casino Mega Resort". Huffington Post. August 12, 2013. Retrieved October 1, 2013.
  5. "Notices (in Spanish), photos and more". 20 Minutos , Madrid edition newspaper. Retrieved 2013-10-01.
  6. Buck, Tobias (13 Dec 2013). "Sheldon Adelson cancels $30bn Eurovegas project in Spain". Financial Times. Retrieved 13 Dec 2013.

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