US company Las Vegas Sands has won approval to build a mega casino in Madrid.
With Spain’s unemployment level reaching 26 percent the so-called ‘Eurovegas’ casino has been billed to bring in tens of thousands of jobs.
Madrid government officials approved the mega-casino. Madrid had won out in a battle with Spain’s second-biggest city Barcelona to get it.
The complex could transform the fortunes of Alcorcon, a down-at-heel commuter town some 15 kilometres south of the Spanish capital. Government officials say the 750-hectare site could create as many as 250,000 jobs.
However, Spanish protest groups fear a rise in gambling addiction, prostitution and criminal activities. They also point out the potential damage to the environment.
The mayor of Alcorcon, David Perez, said people opposed to the project were showing little solidarity with Spain’s unemployed.
Four thousand jobless builders in Alcorcon would have work by the end of 2013 if it went ahead, Perez said in an interview on Spanish national television.
Eurovegas would include the tallest skyscrapers in Spain, Newspaper ABC reported.
Las Vegas Sands operations chief Michael Leven said the company would invest $3.6 billion (2.7 billion euros) to get the project off the ground, raise financing in 2014, and pay for 35 percent of the investment using its own funds.
The first phase would be completed by 2017.
“We have had assurances from many banks that we will have that money available so it’s not even a question,” Leven said.
Copyright © 2014 euronewsMore about:
- 1Scientists find new Earth-sized planet that could host life
- 2South Korea: Dramatic amateur footage emerges of final moments before stricken ferry capsizes
- 3Five more years for Bouteflika
- 4Ceausescu’s Bucharest pleasuredome up for sale
- 5Ukraine: Pro-Russian separatists offered amnesty if they disarm
- 1South Korea: Dramatic amateur footage emerges of final moments before stricken ferry capsizes
- 2Ukraine: US, Russia and EU strike deal after crisis talks
- 3Scientists find new Earth-sized planet that could host life
- 4Geneva talks defy predictions of failure but will words turn into actions?
- 5A mother’s slap signals mercy for a convicted Iranian murderer
Wires > News
- 08:59 CET Search resumes after Everest’s worst climbing tragedy
- 01:35 CET Nigeria Islamists still holding 85 schoolgirls after raid- state
- 00:19 CET Powerful earthquake rattles Mexico, shakes buildings
- 23:39 CET Besieged Muslims face murder, starvation in Central African…
- 22:28 CET Special Report – How the U.S. made its Putin problem worse
- 21:54 CET Algeria’s ailing Bouteflika wins re-election
- 21:30 CET Top Hollande aide quits in conflict of interest row
- 20:50 CET Italy gives wife, daughter, of wanted Kazakh banker refugee status