Las Vegas Sands Corp. is planning a $65-billion, 36,000-room casino-hotel complex on the sandy outskirts of Alcorcón, Spain, eight miles southwest of Madrid. After a year of deliberation, Madrid, the capital, recently beat out Barcelona as host city for the proposed 12-hotel, four-mile-long "EuroVegas" development.
At first glance, Spain would seem to be a risky bet for a gaming-based megaresort location: The country has a stagnant economy burdened by heavy debt and a 25% unemployment rate. But Las Vegas Sands Chairman and CEO Sheldon G. Adelson, 79, is confident the investment will pay off. "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 said in a statement. "Barcelona is an outstanding tourism destination, and choosing Madrid over Barcelona was not an easy selection."