Madrid Frontrunner For Sands Corp's New Resort -Barcelona Mayor
April 18 2012 - 12:10PM
Dow Jones News
Madrid is now the frontrunner in the race to host Las Vegas
Sands Corp.'s (LVS) first European integrated resort, a
multibillion dollar project that Barcelona is also trying to
attract, Barcelona's mayor Xavier Trias conceded Wednesday.
Sands's Chairman Sheldon Adelson has announced that he expects
to make a final decision on the matter next month, Trias told
reporters during a briefing here. According to several media
estimates, Sands plans to invest as much as $35 billion in a casino
complex that may create thousands of jobs in Spain, at a time when
the euro zone's fourth-largest economy struggles with economic
contraction and soaring unemployment.
"Madrid is in the most favorable situation to win, even though
many people told [Adelson] that Barcelona is the best location,"
Trias said.
The project would be located either in Alcorcon, to the west of
Madrid city, or Cornella, just north of Barcelona, Trias said.
However, he added that Adelson's conditions to launch the resort
and Spain's legal system have caused difficulties in the
negotiations.
As an example, Trias cited Spain's strict regulations against
allowing minors in casinos, which may clash with the design of some
integrated projects. Harsh anti-smoking regulations implemented in
recent years may also be a problem, Trias added.
"We just can't do everything he wants. He's got to adapt his
model to European laws," Trias said.
Sands, which is also looking to expand into India, recently
launched its first resort in Singapore, the $5.5 billion Marina Bay
Sands, including the second casino in the island-state.
-By David Roman, Dow Jones Newswires, +34 91 395 8127;
david.roman@dowjones.com
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