\eurovegas\ in jeopardy as adelson balks on spain bid
Last Updated : GMT 06:21:26
Arab Today, arab today
Arab Today, arab today

\'Eurovegas\' in jeopardy as Adelson balks on Spain bid

Arab Today, arab today

Arab Today, arab today \'Eurovegas\' in jeopardy as Adelson balks on Spain bid

Madrid - AFP

American billionaire Sheldon Adelson is hesitating before placing his bet on a Las Vegas-style casino in Spain in the midst of a spiralling eurozone debt crisis. Even as Madrid and Barcelona vie with each other to lure the Las Vegas Sands chief executive, the lack of financing from banks swamped with bad loans from a 2008 property crash may leave them nothing to fight over. Adelson\'s right-hand man, chief operating officer Michael Leven, conceded as much as he visited Madrid and Barcelona this week to evaluate the rival sites on offer for a jobs-rich \"Eurovegas\". For political and business leaders it is a tantalizing prospect: an investment of up to 15 billion euros ($19 billion) at a time of recession with nearly one-quarter of the workforce unemployed. They rolled out the red carpet in Barcelona and Madrid. As Madrid regional president Esperanza Aguirre welcomed Leven on Tuesday, she was surrounded by top executives from Iberia, Banco Santander, textile giant Inditex and builders such as FCC Construction. World famed chef Ferran Adria weighed in for Barcelona the previous day, promising to collaborate with the project if the northeastern city was chosen for the casino. Overall, the 10-15 year project would build four complexes with 12 hotels providing 36,000 rooms, nine theatres, three golf courses, and convention centres around the casinos. Leven said it could create up to 250,000 jobs. The first, most expensive, phase, would build 12,000 rooms, four buidings and the necessary infrastructure for an investment of about 6.8 billion euros. It could provide 150,000 direct, and indirect jobs, he said, recalling that the group had opened similar complexes in Singapore and Macao. The key, however, is rustling up the stake. Las Vegas Sands says it would stump up 35 percent of the funds for this first phase and it would expect an annual return on investment of at least 20 percent. That leaves 65 percent of the money to find. Leven, speaking to reporters in Madrid after his tour of the two cities, said the group had held discussions with about 30 banks including some from Spain and he admitted some challenges. \"I think it\'s more difficult today because of the international global situation but it\'s certainly not impossible,\" he added. \"If the project is not able to be financed by the banks, in other words if the world gets worse in the next six or seven months, then of course we would not be able to do the project.\" The other obstacle, he said, would be if politicians did not pass the legislation the casino is requesting, including limited exemptions on anti-money laundering and anti-smoking laws, and a 10-year moratorium on gambling taxes. Protesters, however, say they fear a Eurovegas would open the doors to prostitution mafia, and they denounced a return to the excesses of the property bubble, which imploded in 2008. \"Mr. Adelson should listen to the people\'s opposition before building this aberration, whose only goal is to profit from and deepen the crisis that we are paying for, handing the profits as usual to the elite who got us into it,\" says the platform of \"Eurovegas No\", which claims to have collected 35,000 signatures.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

\eurovegas\ in jeopardy as adelson balks on spain bid \eurovegas\ in jeopardy as adelson balks on spain bid

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

\eurovegas\ in jeopardy as adelson balks on spain bid \eurovegas\ in jeopardy as adelson balks on spain bid

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday