Madrid Tourism Boost

In terms of the latest Euro casino online news outlets have been totally abuzz, with reports flying thick and fast of the latest developments in the story. Madrid beat Barcelona out to be the lucky city receiving the new “EuroVegas” development by casino mogul Sheldon Adelson, but then it was announced that Barcelona will be building their own casino resort anyway. Now the latest twist in the case comes as the estimate has been given of how much of a tourism boost this development could give to Madrid… and it is set at $19 billion.
Promomadrid, the agency that has been doing all the work to secure the deal, has been investigating the results that such a massive casino resort could give, and chairman Jesus Sainz presented the results in a press conference a few days ago. “It will change the dimension of our economy,” he said, before delivering the astronomical figure that will no doubt sound like music to the ears of the struggling Spaniards. The second recession in three years hit their economy recently, pushing the unemployment rate in the country up to a staggering twenty five per cent – though in young people this figure was even poorer, at more than fifty per cent.
It will not come quickly, though when it does it will be more than welcome. Construction is estimated to begin in between twelve to fifteen months, and this will bring many much needed temporary jobs to the area. Plans will see development of the project continuing over a ten year period, making Madrid a haven for construction workers of all kinds, and of course permanent workers will be needed to staff the casinos, hotels, and other attractions in the area. It is estimated by Promomadrid that this will result directly in 164,000 jobs, and indirectly in a further 97,000, a much welcome boost to the capital.
This is the latest step in Spain’s attempts to use gambling taxes to push the flagging economy, after the government granted licenses for online casino games earlier in the year and opened up the market to companies from abroad to gain more revenue. Whether or not this is a strategy that will work is something that only time can tell, and it may well be at the expense of many Spaniards who will struggle under gambling debts in order to bring more money to the rest of …