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:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 6India PM Modi appoints Yoga minister | euronews, world news
- 7What will you ask US Senator John McCain? | euronews, world news
- 8[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 9Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 10European e-revolution people rise up | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 13Where is the best place in Europe for women? | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 16Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 17US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 18International news | euronews, latest international news
- 19Syria: Islamic extremists pledge to press ahead with battle for Kobani | euronews, world news
- 20World news video | euronews the latest world news online | breaking world news video
Wires > News
- 20:30 CET U.S. Biden voices support for Ukraine, denounces Russia’s Putin
- 20:29 CET Icelandic interior minister quits after immigration scandal
- 20:27 CET Torturers of Chilean President’s father sentenced to jail
- 20:14 CET China building South China Sea island big enough for airstrip -…
- 20:06 CET Obama will visit India again as ties expand
- 19:46 CET Banker to be named Brazil finance minister, papers say
- 19:17 CET Zambia’s President Scott suspended as ruling party leader
- 19:00 CET UK troops in largest armoured deployment in Eastern Europe for six…