comscore Madrid chosen for EuroVegas gambling resort | Honolulu Star-Advertiser
Top News

Madrid chosen for EuroVegas gambling resort

[ AD HAS BEEN REMOVED FROM THIS STORY ]

MADRID (AP) — The decision by Las Vegas Sands to choose Madrid for a big casino project is likely to be welcomed here, but potential obstacles include the company’s decision to fund only 35 percent of the resort and to demand changes in local laws.

Las Vegas Sands Chairman and CEO Sheldon Adelson announced the decision to choose Madrid over Barcelona for the multi-billion dollar gambling resort project dubbed "EuroVegas" on Friday night.

However, with Spain in recession and considering a bailout, raising 65 percent of the cost could be difficult. And there is no guarantee officials would agree to change Spanish laws to let gamblers smoke inside the casinos and the new buildings to soar above the skyline.

Analyst Ramon Zarate said Saturday, "I find it difficult to believe they will be able to raise capital in Spain or from the banking sector."

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up