Re: Re: Press articles about the Spanish property situation


Looks like the demand for housing in northern Madrid is going to increase still further, now it looks like the local politicians are going to support the demands of Sheldon Adelson in return for the building of a new “las Vegas-style complex”

Madrid regional premier Esperanza Aguirre on Monday proposed creating a legal and tax “island” in the region to accommodate the plans of US gambling king Sheldon Adelson to build a huge casino complex.

Sheldon’s EuroVegas project, of 12 resorts with 36,000 rooms, six casinos, nine theaters and three golf courses would entail an investment of up to 18.8 billion euros through to 2022 and the creation of 261,000 jobs. But Sheldon in turn wants the land for the complex free, a very generous tax holiday and for the smoking ban in Spain to be waived at the development.

There have already been quite a few objections from local people and bodies, and it’s true that a gambling complex will pose certain problems. But it’s very hard to turn down the prospect of so many jobs, still less all the extra tourism and money that it will bring to the region.
I understand other demands include a link to the high speed rail system (relatively easy I would have thought – already there is a link to Barajas Terminal 4, so a few extra kilometres won’t be much of a problem). Not so sure about relaxing the smoking ban, but since the PP are in national government as well, perhaps not an impossible task either..