Will they take the Gamble?
The decision on whether the EuroVegas project will come to Spain will be finally decided next month as will the choice of location for this mammoth operation. So, will it be Madrid or Barcelona, or will it be in Spain for that matter?
Sheldon Adelson, the mogul and US third wealthiest man and chairman of the EV group is now having second thoughts as a result of the opposition and attitude of various Spanish unions and pressure groups.
The project would consist of six casinos, three golf courses, nine theatres and twelve hotels, not to mention a multitude of restaurants and could create more than 200,000 jobs, attract between 15 and 18.8 billion Euros worth of investments up until 2022. (Some press reports claim that a fraction of these figures are achievable and some say more – depending I suppose, on which side of the fence you are on.
A comparison with Disney land Florida and EuroVegas is roughly:
Bedrooms: Disney 24,000 EuroV 36,000
Hectares: 12,173 EuroV Not known
Staff 51,000 EuroV 60 – 200,000
Despite the fact that EV already have very successful operations in Las Vegas and Macao that can be studied as models, the tide of anti-EuroVegas is growing, citing the usual objections that automatically surface when large projects are mooted. There are the usual NIMBYS who are vocal about house prices etc (although properties near any Disney or entertainment centre always rocket in value and are in huge demand as rentals short term).
The unions are objecting as they fear exploitation (with the unemployment figures at current levels?) and allowing non-EU workers to take the jobs on offer – what sort of logic is that when the objection to a huge employment source is lodged because some of the jobs may go to outsiders?
The goodies are harping on about prostitution and money laundering, natural disaster - protected species etc. Spokesman Mike Leven has said that there will be protected wildlife areas set aside in the parklands for this purpose.
OK so this project does come with some demands such as relaxing the smoking ban in some areas, tax concessions and lowering Spanish employer contributions. This last point has been hammered home to a deaf government for years – perhaps now they may listen and learn.
Whilst all the anti-everything brigade has been marching about and shouting the odds, Hard Rock and ‘other’ investors (Sheldon Adelson?) have had an application for a EuroVegas approved by the Austrian and Hungarian governments and have started on the project.
The Paramount theme park in Murcia has ground to a halt due to lack of funding although Premursa the developers claim it is still on track. The big hitters who would back these types of project are the very people such as Hard Rock, Adelson, Virgin et al, who are being told that they are not wanted here.
Make your minds up Spain as you must decide quickly – is this really such a big gamble for Spain?
The way forward is negotiation, a bit of give and take on both sides. Most issues can be resolved with the right negotiating team and Spain could see a massive upturn in its fortunes as money attracts money and as sure as eggs are eggs, other investments will follow.
No doubt some of the old guard on this forum will want to have a dig at me (nothing new there then) but before you do – think what a difference these two developments would mean to Spain, it could be the light at the end of the tunnel – or at least generate some hope for all the Spanish folk that there is something positive happening.
Woodbug
This message was last edited by Woodbug on 16/08/2012.