Las Vegas Sands Corp announced in Las Vegas that the company is building a gambling resort in Europe. LVS has chosen Madrid, capital of Spain as the preferred location for building its next establishment, sources specializing in Spanish gambling news reported.
The company has been long hesitating between Madrid and Barcelona, the country’s second biggest city and the capital of the Catalonia autonomous region. “Barcelona is an outstanding tourism destination and choosing Madrid over Barcelona was not an easy selection” LVS emphasized.
The population of the Madrid is about 3.3 million making it the third largest city in the European Union. The Madrid metropolitan area with a population of 6.5 million is the third largest metro area in the European Union after London and Paris. Madrid is considered one of the top world destinations for art and museums. Madrid also has one of the liveliest nightlives in the old continent as well as favorable regulation of online casinos in Spain.
The company has already completed the initial feasibility study and is now moving on to determine the size, scope and preferred location of the gambling resort. Las Vegas Sands is cautious about the current economic crisis in Europe, which especially affected the Spanish economy. European economic prospects will play an important role in the implementation of the project.
“We are appreciative of the energy the regional government of Madrid have brought to this process,” Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corp. The government also helped LVS to find its way in the Spanish gambling laws. However, Sands cautioned that progress towards resolution of the current economic challenges within Europe will be an important consideration in the implementation of the project.
Las Vegas Sands Corp operates The Venetian and Palazzo luxury gambling resorts on the Las Vegas Strip as well as numerous casinos in Macau and Singapore. The Madrid casino will be their first venture into Europe. The company still continues to keep focus on its Asian development opportunities, especially in Japan, Korea and Vietnam.