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| 'EuroVegas' to rise in Madrid as Sheldon Adelson signs casino deal | 'EuroVegas' to rise in Madrid as Sheldon Adelson signs casino deal |
| (8 days later) | |
| Half a dozen casinos and 12 huge hotels are expected to emerge from farmland around Madrid over the coming decade after the gambling billionaire Sheldon Adelson confirmed he will build a Las-Vegas-style casino strip on the outskirts of the Spanish capital. | Half a dozen casinos and 12 huge hotels are expected to emerge from farmland around Madrid over the coming decade after the gambling billionaire Sheldon Adelson confirmed he will build a Las-Vegas-style casino strip on the outskirts of the Spanish capital. |
| A deal to build Europe's biggest gambling mecca has been struck between Adelson and the regional government of Madrid, bringing with it the promise of tens of thousands of construction jobs. | A deal to build Europe's biggest gambling mecca has been struck between Adelson and the regional government of Madrid, bringing with it the promise of tens of thousands of construction jobs. |
| The Spanish capital beat its arch-rival Barcelona in the battle to win the controversial EuroVegas gambling project. | The Spanish capital beat its arch-rival Barcelona in the battle to win the controversial EuroVegas gambling project. |
| Adelson, the Las Vegas Sands chairman and chief executive, said in a statement released in Las Vegas late on Friday: "The regional government of Madrid has been a strong advocate for this potential development, and we are appreciative of the energy they have brought to this process. | Adelson, the Las Vegas Sands chairman and chief executive, said in a statement released in Las Vegas late on Friday: "The regional government of Madrid has been a strong advocate for this potential development, and we are appreciative of the energy they have brought to this process. |
| "Barcelona is an outstanding tourism destination, and choosing Madrid over Barcelona was not an easy selection." | "Barcelona is an outstanding tourism destination, and choosing Madrid over Barcelona was not an easy selection." |
| However, he announced that Las Vegas Sands was only willing to finance 35% of the multibillion-euro resort, and that it would demand certain changes in local planning laws. | However, he announced that Las Vegas Sands was only willing to finance 35% of the multibillion-euro resort, and that it would demand certain changes in local planning laws. |
| Adelson, rated America's eighth richest person with a net worth of $24.9bn (£15.6bn) by Forbes magazine, visited both Madrid and Barcelona in recent months as negotiations over where to locate the gambling resort progressed. | Adelson, rated America's eighth richest person with a net worth of $24.9bn (£15.6bn) by Forbes magazine, visited both Madrid and Barcelona in recent months as negotiations over where to locate the gambling resort progressed. |
| The project is expected to be half the size of the famous Las Vegas strip, the four-mile stretch of megacasinos in Nevada. It is also expected to be split into a dozen sectors, built one by one, eventually offering some 36,000 hotel beds, although Adelson held back from confirming details of the project on Friday. | The project is expected to be half the size of the famous Las Vegas strip, the four-mile stretch of megacasinos in Nevada. It is also expected to be split into a dozen sectors, built one by one, eventually offering some 36,000 hotel beds, although Adelson held back from confirming details of the project on Friday. |
| Adelson is hoping to attract visitors from around Europe and areas of the former Soviet Union. Gambling would reportedly account for one-third of income. | Adelson is hoping to attract visitors from around Europe and areas of the former Soviet Union. Gambling would reportedly account for one-third of income. |
| While the deal may bring jobs to a country suffering 25% unemployment, it has provoked outrage among an unlikely coalition of opponents, including local Catholic bishops and the indignado protest movement. | While the deal may bring jobs to a country suffering 25% unemployment, it has provoked outrage among an unlikely coalition of opponents, including local Catholic bishops and the indignado protest movement. |
| Local bishops have warned that the complex will bring gambling addiction, bankruptcies and suicides. | Local bishops have warned that the complex will bring gambling addiction, bankruptcies and suicides. |
| Indignado protesters have pointed to reports of investigations by US authorities into allegations of corruption, dealings with Chinese mafia members and failure to report potential money-launderers. | Indignado protesters have pointed to reports of investigations by US authorities into allegations of corruption, dealings with Chinese mafia members and failure to report potential money-launderers. |
| Neither Las Vegas Sands nor Adelson have been formally accused of any of those things, and the company insists it helps investigators with inquiries. | Neither Las Vegas Sands nor Adelson have been formally accused of any of those things, and the company insists it helps investigators with inquiries. |
| Adelson is one of the chief financial backers of the Republican presidential candidate Mitt Romney. His casino empire stretches to Singapore and Macao, where sales are 13% of local GDP. It runs several Las Vegas casinos, but 90% of profits come from Asia. | Adelson is one of the chief financial backers of the Republican presidential candidate Mitt Romney. His casino empire stretches to Singapore and Macao, where sales are 13% of local GDP. It runs several Las Vegas casinos, but 90% of profits come from Asia. |
| Madrid's regional president, Esperanza Aguirre, from the liberal wing of the centre-right People's party (PP), has promised to introduce whatever law changes are needed. | Madrid's regional president, Esperanza Aguirre, from the liberal wing of the centre-right People's party (PP), has promised to introduce whatever law changes are needed. |
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