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Howard Stutz
 

Adelson: Sands will spend $21 billion in Spain

8 March 2011

LAS VEGAS, Nevada -- Las Vegas Sands Corp. Chairman and Chief Executive Officer Sheldon Adelson put a dollar figure on what the casino operator would spend to build a gaming destination in Spain.

$21 billion.

Adelson told the El Mundo newspaper in Madrid the project would be a mini-version of the Las Vegas Strip and would include roughly a dozen hotel-casinos.

The newspaper said the cost would constitute Spain's largest-ever privately built investment.

But there is a catch.

Adelson said the Spanish government needs to ease labor rules

"Spain is the ideal country for it," Adelson told El Mundo. "But I'm worried about the current Spanish labor laws. They are so rigid."

Adelson told the newspaper he met with politicians and executives in Madrid and Barcelona to discuss the plan. However, he may wait for a new Spanish government to be in place before he can complete a deal.