Madrid chosen for EuroVegas gambling resort
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."