πŸ’° Sheldon Adelson Folds in Spain | The New Yorker

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Las Vegas glitz could be coming to Spain under plans American casino billionaire Sheldon Adelson has to replicate the Nevada city's famous.


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Casino boss Sheldon Adelson presses Spain over anti-smoking laws | World news | The Guardian
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US billionaire courts Spanish PM, hoping for U-turn that allows gamblers to smoke inside proposed Eurovegas complex.


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Adelson's company, Las Vegas Sands, to drop its EuroVegas resort project is an economic blow not just for Madrid but for Spain as a whole. The.


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The Adelson scandal dates back to late , when several Spanish media outlets published demands made by his Las Vegas Sands.


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Las Vegas glitz could be coming to Spain under plans American casino billionaire Sheldon Adelson has to replicate the Nevada city's famous.


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Adelson's company is the target of a federal criminal investigation and a civil lawsuit by the former chief of China operations of Las Vegas Sands.


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Eurovegas was a gambling resort project proposed in September , to be completed in or in AlcorcΓ³n, Spain. The project was cancelled after disagreements between the entrepreneur, Sheldon Adelson, and the local governments. In September Sheldon Adelson proposed a major investment in Europe that Sheldon Adelson had cancelled his $30bn Eurovegas project in.


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Las Vegas glitz could be coming to Spain under plans American casino billionaire Sheldon Adelson has to replicate the Nevada city's famous.


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Who is Sheldon Adelson? Casino Magnate \u0026 GOP Mega-Donor - NowThis

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Adelson's company is the target of a federal criminal investigation and a civil lawsuit by the former chief of China operations of Las Vegas Sands.


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US billionaire courts Spanish PM, hoping for U-turn that allows gamblers to smoke inside proposed Eurovegas complex.


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Adelson: No Reason Exists for Online Gambling

Polling on EuroVegas was scant, and my conversations with Spaniards seemed to suggest a relatively even split in opinion: roughly half the people I spoke with felt the possible jobs were worth it, while the other half fumed. In austerity-riven southern Europe, the mere promise of job creation is a political boon. To appease Adelson, the regional government in Madrid reduced gaming taxes from forty-five per cent of casino transactions to ten per cent. He wanted gaming taxes to be drastically reduced , and for local taxes to fall away even further. In effect, Adelson was the only jobs policy the national government had entertained for years. Squabbles over the gaming complex reflected a new era of political posturing affected during times of austerity, and nearly all sides were implicated in the morass. It was never entirely clear how Adelson would raise the money for the project; he suggested that Las Vegas Sands would contribute around four billion dollars for the first phase of construction, with the rest of the funds for that phase falling to banks. As of September, the plans lumbered on, and the locals were growing restive. All the Spaniards had to do was give Adelson what he wanted. For much of , Adelson courted both Madrid and Barcelona, playing the two cities against each other for the best deal. He wanted to be exempted from paying social security to his workers for the first two years of his operation, and then to pay reduced rates for a few more years after that. On Friday, when Adelson broke the news that he was withdrawing the bid, the announcement sounded familiar. At one point, the then governor of the Community of Madrid promised to do whatever it took to lure EuroVegas though, as it happens, she was not quite in a position to make such promises. Regional politicians grovelledβ€”in Barcelona, Madrid, and beyond , even in places where the project was never an option. A year earlier, Adelson had chosen Madrid as the sunny, temperate hub for his European incursion. But this was difficult to tease out. Construction was supposed to begin this month, or, at the latest, by early Then, a few weeks ago , Adelson made one, or two, demands too many: according to Spanish officials, he demanded that the government guarantee there would be no future legislation that could imperil aspects of his earlier deal; he apparently also wanted some form of compensation from the government if any such legislation ever came to pass. He wanted a public-smoking ban lifted in his casinos, even though it had only recently come into effect. Jonathan Blitzer is a staff writer at The New Yorker.{/INSERTKEYS}{/PARAGRAPH} Recent coverage by British and American outlets suggests that the brunt of the opposition to EuroVegas came from religious groups, who objected on moral grounds. {PARAGRAPH}{INSERTKEYS}The puns practically wrote themselves, last week, when headlines announced that the billionaire casino magnate Sheldon Adelson had folded on a years-long bet to build a mega-casino in Spain. This is, in large part, what the euro crisis has wrought: gutting the public sector has removed much of the ideological terrain that once separated the political left from the political right. Under the aegis of a labor-reform law from , the national government reduced collective bargaining, making it easier to fire and hire workers. At public rallies against cuts to education or health care, the casino project was a touchstone. Will be used in accordance with our Privacy Policy. Though there are signs that this may be changing, austerity has upended the equation, and dictates on debt reduction have come mostly from Brussels, not Madrid, drastically restricting government spending. Spanish banks, though, were hardly in a position to raise any appreciable capital; many of them are still trying to unload debts from botched construction projects. The Socialists, though, initiated conversations with Adelson before they were forced from office. Spanish Socialists have typically distinguished themselves from their conservative counterparts by maintaining that the state has a positive role to play in stimulating the economy. What did Adelson want? In fact, a lot of the heat came from the secular center and center-left. Her alacrity at the time was well warranted just the same.