Las Vegas Sands is currently under investigation for potentially breaking bribery laws in China – but that has not stopped the company from continuing its plans to build a multi-billion dollar gambling complex in Spain. It is full speed ahead for the project, despite the alleged legal issues, as Spain readies itself for the economic boost that EuroVegas will provide.
America and Asia have their own gambling capitals in Las Vegas and Macau. Despite gambling being a major leisure activity and pastime in Europe, the continent lacks a large-scale gambling venue like the Las Vegas Strip. LVS plans to change this by building an expansive gambling centre in Spain worth $15 billion.
EuroVegas will consist of 12 hotels and 6 casinos. It will host a number of retail shops, restaurants, bars and entertainment venues, rivalling the exciting experience that Las Vegas provides. The new complex will undoubtedly boost tourism in Spain, as visitors from across Europe will ditch their Las Vegas plans for a more affordable getaway in EuroVegas.
As the planning stages of the new EuroVegas complex are underway, Madrid and Barcelona compete to be the host city. While the construction of the complex will benefit the country as a whole, the host city will certainly have a bigger advantage, providing jobs to local residents. With thousands of new jobs to be created along with the casino complex, it is no wonder that the country’s two most popular cities are duking it out for hosting rights.
On the whole, Spain will see significant financial benefits by hosting EuroVegas. After having received a €100 million bailout from the European Union, the country continues to suffer financially. If Spain does not receive a financial boost soon, it may have the request more aid from the EU. Unemployment rates are at an all-time low in Spain, as well, making LVS’ promise over 125 000 new jobs an attractive prospect for the country.