Home / Poker News February 2011 / The gambling grapevine – Euro-Vegas on track?
The gambling grapevine – Euro-Vegas on track?
Posted by: James Carter. - Wed, 2011-02-23 11:07
Las Vegas Sands Corp. is apparently the spearhead of a movement set to export Las Vegas style gambling resorts to various corners of the world. Sands CEO Sheldon Adelson was the person responsible for introducing Macau to Western-style glitzy and glamorous gambling. He followed that success up with an even bigger one: a mega gambling complex in Singapore. Adelson now appears to have his eyes set on Europe, and when he says that he will create a mini Las Vegas in Spain, either in Madrid or in Barcelona, one had better heed his words. The fact that the location of the monster project is not even established yet doesn't seem to be a hurdle for Adelson and for a bunch of investors keen on exploiting this - from the point of view of the gambling industry - yet pristine corner of the free world. The value of the project would be a staggering $20 billion.
According to the Sands, negotiations are already underway with city authorities in both Madrid and Barcelona. Besides the gambling, the project would also bring around 180,000 jobs in the town in which it will eventually unfold.
In other gambling news: Revel Entertainment Group, the company behind the Revel Casino, a $2.4 billion luxury resort built in the shape of a wave in Atlantic City, which ran out of funds in January 2009, announced the other day that it managed to get hold of an additional $1.5 billion, which will allow the luxury project turned eyesore to be finally completed.
The original developer and majority owner of the project, Morgan Stanley, gave up on it having spent $1.2 billion. The other investors refused to give up on their dream though, and they managed to secure the needed funds through a couple of private loans and a massive state tax reimbursement plan.
The resort’s opening is planned for mid-2012.
