Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, announced Friday that the town of Alcorcon in Madrid has been chosen as the site for Europe’s largest resort.
“For some time we have been working on an inspiring and extraordinary project whose goal is to make Madrid the international reference point for conventions, fairs, exhibitions and leisure in Southern Europe,” Ignacio Gonzalez, president of Madrid’s regional government, told reporters at a press conference in Madrid.
At an estimated 17,000 million euros (22,800 million USD), the Eurovegas project will be the “biggest private investment in Europe’s history” according to a spokesperson for the project.
The first phase is expected to cost around 6,000 million euros and be ready for 2017, with the whole project completed by 2022. The project hopes to create 260,000 jobs.
The government-owned company Promomadrid suggests that if all three phases are completed, the casino resort would boost the region’s gross domestic product by 4.5 per cent.
Critics have opposed the project, suggesting only low level jobs such as card dealers, waiting staff and chamber maids will be created and that heavy tax breaks and incentives will dilute a boost to the local economy.
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