The final decision on whether Madrid or Barcelona will host a £13bn Las Vegas-style tourist and casino resort is expected in early July, investors say.
Sheldon Adelson, chairman and CEO of US gambling giant, Las Vegas Sands is behind the planned mega casino development, dubbed “EuroVegas.”
The project envisioned by Adelson is to build a mini Vegas strip of 12 hotels, six casinos, nine theatres and three golf courses.
If the Spanish government approves the investment, the strip would be built in three phases over the next 10 years.
While Madrid is thought to be Adelson’s first choice for the site, Barcelona is also seen as an attractive option for bringing in tourists, as one of Europe’s busiest ports.
Adelson is betting on Spain’s recovery from the Eurozone crisis and estimates that the project could draw 11 million new tourists each year, and create 260,000 jobs that would boost Spain’s struggling economy.
However not everyone is keen on Spain hosting a European ‘Sin City’.
Critics believe that creating jobs in casinos and hotels isn’t the answer to tackling Spain’s unemployment levels and argue that EuroVegas will encourage gambling and bring more criminality to the country.
A vast amount of space would also be needed to build the site: an estimated equivalent of 1,000 football fields.
What do you think about the plans? Are they what the economy needs or should Spain be looking to generate revenue elsewhere? Please leave your comments below.