Late last week, billionaire casino magnate Sheldon Adelson announced that Madrid had won the competition to become the future location of Europe's "largest gambling mecca," reports Giles Tremlett. Questions regarding the project's viability remain.
After beating out perennial rival Barcelona in the battle for Adelson's affections, Madrid is set to become the home to a Las-Vegas-style casino strip - dubbed "EuroVegas" - that will be home to "half a dozen casinos and 12 huge hotels." According to Tremlett, "The project is expected to be half the size of the famous Las Vegas
strip, the four-mile stretch of megacasinos in Nevada. It is also
expected to be split into a dozen sectors, built one by one, eventually
offering some 36,000 hotel beds, although Adelson held back from
confirming details of the project on Friday."
Among the missing details are how Adelson intends to finance the project, how he plans to circumvent certain local planning
laws, and where, specifically, it will be located.
"While the deal may bring jobs to a country suffering 25% unemployment," notes Tremlett,
"it has provoked outrage among an unlikely coalition of opponents,
including local Catholic bishops and the indignado protest movement."
FULL STORY: 'EuroVegas' to rise in Madrid as Sheldon Adelson signs casino deal
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