Spain hoping Casinos provide Big Economy Boost
The last few years have been rough on Spain from an economic standpoint. Evidence of this fact can definitely be seen from the 25% unemployment rate that the country is suffering from. Taking this into account, it’s little surprise that Spain is eyeing the casino industry to bring them out of the economic funk.
Back in the summer, this country began issuing online casino and poker licenses. The idea is to collect hundreds of millions of euros in tax revenue within the next few years. A more recent measure includes approving the €17 billion EuroVegas casino and resort. This establishment will be built near Madrid and is set to become Europe’s largest casino. More important to Spain is that it’s expected to increase tourist spending by €15 billion annually.
Jesus Sainz, who’s had a large hand in planning EuroVegas, talked about the casino and resort by saying, “It will change the dimension of our economy. It will have an impact on our gross domestic product of between four and five points.” Besides helping Spain’s economy, EuroVegas is supposed to be a major spectacle when completed. The complex will take around 10 years to be built and is going to involve 6 hotels with a combined 36,000 rooms.
The heavily-populated Madrid location should help further EuroVegas’ success. Madrid actually won out over Barcelona when owners and investors were trying to pick a location. Las Vegas Sands owner Sheldon Adelson, who is contributing €3 billion to this project, spoke about the selection by saying the following:
Barcelona is an outstanding tourism destination, and choosing Madrid over Barcelona was not an easy selection. 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.
Despite losing out on the casino bid to Madrid, Barcelona will opt for another casino/resort project that’s called “Barcelona World.” This €4.8 billion complex is expected to be completed much sooner than EuroVegas.