According to El Mundo, investors from the United States were willing to invest 2.26 billion dollars in a project called Madrid Live. The creation of casinos, hotels and concert halls in an area of 120 hectares in Torres de la Alameda was supposed to give work to some 55,000 people. According to the idea, it would be one of the largest entertainment venues in Europe, attracting more than 8.6 million tourists a year. The project was presented to the court of Spanish civil servants in March 2022.
And now the region’s authorities have received an expert report, which puts an end to the project to create Eurovegas near Madrid, or at least leaves it in the background. As noted, analysts could find no evidence that it was viable and would bring to the region all the advantages that the US company promised.
They had doubts that the declared number of hotels could accommodate the expected number of tourists. In addition, the authors of the project did not assess the infrastructure on the territory where the casino was supposed to be located. And this means that local authorities will have to deal with the expansion of roads, the organization of public transport, which will be a heavy burden on the budget of the region.
Experts are not sure that the project will help in the fight against unemployment, since the Americans have not said how they will organize the show, whether it will be permanent or seasonal, what characteristics the cultural objects will have. In addition, it is feared that the construction itself will have a negative impact on the environment, and this is a very strong argument.
It should be noted that this was already the third attempt to create Eurovegas near Madrid. In 2013, the American tycoon Sheldon Adelson wanted to build it here. At that time, the country was mired in an economic crisis, unemployment was reaching 26 percent. Las Vegas Sands Corporation was ready to invest up to 17 billion euros in this project and employ up to 260 thousand people. If the parties were able to reach an agreement, the ambitious project would be completed in 2022. However, an agreement fell through and the American businessman decided to open his new gaming headquarters in Asia.
Four years later, The Cordish Companies made a similar offer, but it was turned down. After waiting five years, the American company once again turned to the Spanish authorities with its proposal. But again it did not suit the Spanish.