Finally, some good news from Spain: The New York Times is reporting that a multibillion-dollar "EuroVegas" casino resort will be built in the outskirts of Madrid. For a country struggling with severe unemployment, the casino seems poised to create jobs and improve the overall economy.
Madrid's regional government president, Ignacio Gonzalez, said Eurovegas will occupy an area equivalent to 750 football fields in the suburb city of Alcorcon. The first phase of construction is slated to begin late this year.
Building the entire complex just south of Madrid is likely to take up to 18 years and it is estimated that some 260,000 jobs could be created.
The mastermind behind the project is 79-year-old American tycoon Sheldon Adelson and his company Las Vegas Sands Corp. Michael Leven, Las Vegas Sands CEO, said the group will cover 35 percent of the equity investment and assured Madrid authorities that funding to complete the rest of the project would be found. It was not clear where the remaining 65 percent will come from. Some $29.5 billion will be invested to build 12 hotels, six casinos, a convention center, three golf courses, theaters, shopping malls, bars and restaurants.
But not everyone is happy about the announcement: More than a dozen organizations, mainly linked to environmental causes or to the political left, have said the project will promote unwanted activities such as prostitution and only create low level jobs such as card dealers, waiters and chamber maids. They say what the country, and especially its young people, need are higher-skilled jobs.