EuroVegas: Which City Will Take The Strip?
For a while now, Las Vegas Sands has been shuffling around the idea to bring Europe to Vegas – much the way they did with New York, New York. But which Spanish city to spotlight? That’s just the decision we though we were going to hear announced back in June or July. However, The Sands’ decision was held up once both Madrid and Barcelona proposed new possible sites.
According to a Reuters report, “Spain's two rival cities are vying for a planned 12-hotel, six-casino complex that could create a quarter of a million jobs in the country where unemployment tops 24 percent.” During a recent visit to Spain, COO Michael Leven noted in a news conference that both cities had considerable strengths, though ultimately, it depends on what the company’s vision for the project is.
Now we did mention that this would be ‘EuroVegas.’ Well there’s plenty of Europe… why go with Spain? .” Levin said that, “Sheldon Adelson, the chief executive and driving force behind Las Vegas Sands, chose Spain for his European dream project because of its weather and strong tourism and job potential. The company also announced that they are deciding to move forward with the project and are “undeterred by the deepening economic crisis.”
Now check this out. You have to stand in awe at the open and notorious business honesty here. “My personal belief is that the crisis will end at some point, while this project will go on for many years. Our company expects to take advantage of an opportunity that we may not have again because of this situation,” Levin said. So, in other words, yes, the economy is in a tumultuous negative state… yet, we are fully willing to take full financial advantage of said crisis in an attempt to have more than others who aren’t so savvy and see the potential in this sociological devastating heartache. Well done, you brilliant business bastards!
And speaking of business, let’s talk money, shall we? “The company has already initiated talks with some 30 to 40 U.S., Asian and European banks, including Spanish ones, to finance the first phase of the project to build 6,000 rooms at a cost of $6 billion to $8 billion, of which Las Vegas Sands has pledged to contribute a third.”
In the words of Borat, “Wow wow wee wow!”