🔥 'EuroVegas' to rise in Madrid as Sheldon Adelson signs casino deal | World news | The Guardian

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MADRID — Sheldon G. Adelson, the billionaire casino magnate, on Friday abandoned his plans to build a $30 billion gambling and leisure.


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MADRID — Sheldon G. Adelson, the billionaire casino magnate, on Friday abandoned his plans to build a $30 billion gambling and leisure.


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Sheldon Adelson, the US casino mogul, has dropped plans to build a $30bn gambling complex outside Madrid, cancelling one of the largest.


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screengrab from Casino Royale LAS VEGAS (AP) — Casino giant Las Vegas Sands Corp. has chosen Madrid over Barcelona for a multi-billion.


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The casino magnate announced last week that he's folded on a years-long bet to build a mega-casino in Madrid.


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MADRID — Sheldon G. Adelson, the billionaire casino magnate, on Friday abandoned his plans to build a $30 billion gambling and leisure.


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Adelson that he can repeat in recession-hit Europe the success he has enjoyed in Las Vegas and Macau. In particular, there has been concern about how extensively authorities are prepared to change existing rules. Barcelona World will occupy land now owned by La Caixa, a Barcelona-based savings bank, and the project is being led by Veremonte, a Spanish property developer. In a statement issued Friday, Sands said the project was in an early stage and still dependent on how the euro zone debt crisis evolved. EuroVegas, however, remains a more ambitious project, as well as a gamble by Mr. In recent months, Sands executives have presented EuroVegas as a giant resort that will have 12 hotels with a total of 36, rooms, six casinos with 18, slot machines, and three golf courses. But his plans have run into opposition from civic groups on environmental and ethical grounds.

But the project, called EuroVegas, remains clouded in uncertainty. The exact financing is also yet to be determined.

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Adelson, including some tax exemptions and an easing of restrictions on smoking in public spaces. Some opponents also say they fear that by promoting gambling, Spain might encourage criminal activities like prostitution and money laundering. Adelson emphasized the enthusiasm that his project has generated in Spain, at a time when the country has struggled to convince most investors that it will not be forced into a Greek-style bailout. On Friday, however, the company said it still needed to determine the exact size and location of EuroVegas. Adelson repeatedly delayed a final choice between Madrid and Barcelona, intensifying the tussle between the two cities, which each sent delegations to Las Vegas this year.