Spain, while recession-stricken, seems to be a good potential gambling investment opportunity, especially as it relates to land-based casino resorts seeking to attract Spaniards as well as tourists who come to the country for its sun and beaches. What adds to the investment climate is that Spanish gambling laws are quite liberal.
Recent report from Spanish gambling news indicates that Spain may get some badly needed jobs. It doesn’t matter that these may come from gambling-related activities, nothing matters more than jobs in a country with unemployment rate exceeding 20%.
According to the latest news, an American billionaire, Sheldon Adelson, is looking to invest 18 billion Euros (approx. $24 billion) in Spanish gambling industry. The project will involve a creation of twelve hotels, six casinos, three golf courses, a large convention center, and multiple theaters.
Most likely, the project known as Eurovegas, will take place in Catalonia with strong support of local authorities since it may create as many as 200,000 direct and indirect jobs as a result.
With such possibilities, Madrid is competing for the project as well. The advantage of Catalonia is its close proximity to France and a beautiful coastline. Overall, this multi-billion project would occupy 200 hectares of land, making it what Europe hasn’t seen yet. It would overshadow the famous Monaco the way Macau starts to overshadow the Fabulous Las Vegas.
Adelson is known for his many casino properties spanning the globe. His casino-resorts are one of the most attractive places in Las Vegas and Macau. He can surely create a European Vegas in Spain.
This move can affect in multiple ways Internet gambling in Spain as more competition arrives from this proposed land-based casino project. It is not clear if this land-based development will affect mobile casinos in Spain as the recent clash of traditional vs. modern brings still plays out. So far, the online gambling has been taking revenues from traditional casinos, but a project which Adelson proposes can turn things around.