Adelson’s Spanish Dream Almost Reality

Adelson’s Spanish Dream Almost Reality

Tuesday, 20 November 2012

Spain’s chances of getting a Las Vegas-style super casino got a boost recently thanks to tax break by Madrid’s Mayor, Ignacio Gonzales.

While Madrid currently has some of the lowest gambling taxation in Spain, around 22%-45%, Gonzales has agreed to slash that rate to just 10% once Sheldon Adelson’s EuroVegas project is complete.

The Las Vegas Sands CEO is trying to build a $35 billion hotel and casino complex in the region but as made a number of request before he starts construction next year.

One of the major points of concern for Adelson was the level of taxation on gambling. Following a series of meetings it’s now been decided that the injection of money and jobs is enough to warrant a cut in rates in order to allow the project to commence.

The route to completion still isn’t a smooth one though as there are still a number of other issues that need to be addressed before Adelson finally puts his plan into action.

One of the other sticking points is Spain’s indoor smoking ban. Since being introduced casino revenue has dropped across the country, something which Adelson is keen to avoid.
While Madrid’s Mayor has little power to alter this, they are hoping the Ministry of Health will consider their proposals.

Tags: Spain, super casino, Sheldon Adelson, EuroVegas