Madrid's property market is set to get a boost after the city was selected as the location for EuroVegas, a multibillion dollar mega casino and resort being masterminded by America's eighth richest person, the businessman Sheldon Adelson.
The city fought off stiff competition from Barcelona to become the site of the new project, which will incorporate six casinos, 12 hotels featuring 36,000 rooms, a convention centre, three golf courses, bars, restaurants and shopping centres on a four-mile stretch around half the size of the famous Las Vegas Strip.
The project, which will be built in phases over the next 10 years on the outskirts of the city, will eventually be Europe's biggest gambling centre. While some have been sceptical about the feasibility of masterminding such a large-scale operation during the country's worst recession in modern times, especially as Adelson is only contributing around 35 per cent of the funds, local government officials are welcoming the creation of jobs that the casino will bring at a time when Spain is suffering from 25 per cent unemployment. They also believe that EuroVegas will provide boosts to tourism and investment in property.
"The regional government of Madrid has been a strong advocate for this potential development, and we are appreciative of the energy they have brought to this process,” commented Adelson.
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