Casino economy
June 8, 2012 11:21 AM Subscribe
The Las Vegas Sands Corporation, headed by multibillionaire and notorious supporter of right-wing causes Sheldon Adelson, is considering building an enormous gambling resort in crisis-stricken Spain: Euro Vegas
Despite Adelson's demands for specific exemptions from Spain's tax, employment, immigration, environmental, gambling and smoking regulations, his company's interest has unleashed an unseemly scramble by the leaders of Spain's various regions. So far, the Madrid region, currently run by Adelson's political soulmate Esperanza Aguirre (aka the Leaderess) appears to narrowly lead Catalonia, well in front of a few dark horses.
Some people wonder whether Las Vegas is the correct economic model to recover from an imploding real estate bubble. It may still come to nought anyway, since the current financial jitters appear to be giving Adelson a case of cold feet. It wouldn't be the first case that such a scheme vanishes into thin air.
Despite Adelson's demands for specific exemptions from Spain's tax, employment, immigration, environmental, gambling and smoking regulations, his company's interest has unleashed an unseemly scramble by the leaders of Spain's various regions. So far, the Madrid region, currently run by Adelson's political soulmate Esperanza Aguirre (aka the Leaderess) appears to narrowly lead Catalonia, well in front of a few dark horses.
Some people wonder whether Las Vegas is the correct economic model to recover from an imploding real estate bubble. It may still come to nought anyway, since the current financial jitters appear to be giving Adelson a case of cold feet. It wouldn't be the first case that such a scheme vanishes into thin air.
Google translates "LA LIDERESA" as "The Leader"
Google clearly doesn't do sarcasm.
posted by Skeptic at 11:45 AM on June 8, 2012 [1 favorite]
Google clearly doesn't do sarcasm.
posted by Skeptic at 11:45 AM on June 8, 2012 [1 favorite]
Locusts, the lot of them.
posted by The Whelk at 11:45 AM on June 8, 2012 [2 favorites]
posted by The Whelk at 11:45 AM on June 8, 2012 [2 favorites]
Some of them violate existing Spanish laws – such as bans on smoking in casinos, gambling by minors and gambling addicts, and money laundering – and exceptions or changes to the laws would require parliamentary approval.
Gambling by minors? Is he planning on having kids at this casino?
posted by delmoi at 11:45 AM on June 8, 2012
Gambling by minors? Is he planning on having kids at this casino?
posted by delmoi at 11:45 AM on June 8, 2012
This thing is faux Monaco for the masses, Faint of Butt.
It'll be about the size of four or five or ten Monacos:
posted by notyou at 11:52 AM on June 8, 2012 [2 favorites]
It'll be about the size of four or five or ten Monacos:
The numbers are certainly eye-popping. LVS would invest €6 billion in a first phase to build four hotel strips—eventually reaching 12—as well as casinos, shops, restaurants, golf courses and convention centres. LVS says the project could create 260,000 indirect and direct jobs, enough for nearly half the unemployed in Madrid.For comparison, Monaco attracted ~270,000 visitors in 2010, a fair number of whom probably drawn by the Cannes film festival (just up the beach a ways) and the GP, which events are generally staged within a few weeks of one another.
posted by notyou at 11:52 AM on June 8, 2012 [2 favorites]
Euro Vegas seems like the Broken Window Fallacy writ large. You create a sinkhole for people's money, thereby creating those jobs which are required to run that sinkhole. Yes, I know that Euro Vegas will be different, because people voluntarily go to gambling houses and typically enjoy the experience even when they lose money, but still. Harrumph, I say, harrumph!
posted by Sticherbeast at 11:56 AM on June 8, 2012 [3 favorites]
posted by Sticherbeast at 11:56 AM on June 8, 2012 [3 favorites]
Nothing classier than stopping by your neighbour's house while it is on fire and asking if you can have the crockery in exchange for helping a bit with your garden hose. Shesh.
posted by Iosephus at 12:12 PM on June 8, 2012 [6 favorites]
posted by Iosephus at 12:12 PM on June 8, 2012 [6 favorites]
Gambling by minors? Is he planning on having kids at this casino?
You call them "kids", he calls them "growing profit centers".
posted by Skeptic at 12:49 PM on June 8, 2012 [4 favorites]
You call them "kids", he calls them "growing profit centers".
posted by Skeptic at 12:49 PM on June 8, 2012 [4 favorites]
Skeptic: Gambling by minors? Is he planning on having kids at this casino?
You call them "kids", he calls them "growing profit centers"
No joke. Go to the area in Dave & Busters where they keep the ticket games and tell me that those aren't training grounds for the slot & keno players of tomorrow. The flashing lights, sounds, etc. All you need is waitresses bringing around complementary shirley temples.
posted by dr_dank at 1:35 PM on June 8, 2012 [4 favorites]
You call them "kids", he calls them "growing profit centers"
No joke. Go to the area in Dave & Busters where they keep the ticket games and tell me that those aren't training grounds for the slot & keno players of tomorrow. The flashing lights, sounds, etc. All you need is waitresses bringing around complementary shirley temples.
posted by dr_dank at 1:35 PM on June 8, 2012 [4 favorites]
Job Creatorz™!
posted by Mental Wimp at 2:12 PM on June 8, 2012
posted by Mental Wimp at 2:12 PM on June 8, 2012
No joke. Go to the area in Dave & Busters where they keep the ticket games and tell me that those aren't training grounds for the slot & keno players of tomorrow. The flashing lights, sounds, etc. All you need is waitresses bringing around complementary shirley temples.
Ha, reminds me of the time that we went to Chuck E. Cheese's for the first and hopefully last time. As many of you know, they have these games where you win tickets and then exchange them for prizes. So while my nephew was running around with his friends playing whatever, the wife and I decided to amuse ourselves with the games as well.
Before we even knew it, we were yelling and screaming with the lot of them, all for useless tickets. It was insane how insane I became, and I used to brag about how we would go to Vegas and never gamble.
Eventually I stepped back, looked at my wife in astonishment, refusing to believe my prior transformation. I fell into the trap, just like all those who I looked down upon in the past.
Then I looked at all those kids, and thought to myself how this was like Vegas for kids. It seemed so innocent, with that mouse mascot and pizza and family-focused entertainment. But really, what was the difference?
posted by bitteroldman at 2:16 PM on June 8, 2012 [1 favorite]
Ha, reminds me of the time that we went to Chuck E. Cheese's for the first and hopefully last time. As many of you know, they have these games where you win tickets and then exchange them for prizes. So while my nephew was running around with his friends playing whatever, the wife and I decided to amuse ourselves with the games as well.
Before we even knew it, we were yelling and screaming with the lot of them, all for useless tickets. It was insane how insane I became, and I used to brag about how we would go to Vegas and never gamble.
Eventually I stepped back, looked at my wife in astonishment, refusing to believe my prior transformation. I fell into the trap, just like all those who I looked down upon in the past.
Then I looked at all those kids, and thought to myself how this was like Vegas for kids. It seemed so innocent, with that mouse mascot and pizza and family-focused entertainment. But really, what was the difference?
posted by bitteroldman at 2:16 PM on June 8, 2012 [1 favorite]
It seemed so innocent, with that mouse mascot and pizza and family-focused entertainment. But really, what was the difference?
Hookers. I hope.
posted by Mayor Curley at 2:27 PM on June 8, 2012 [8 favorites]
Hookers. I hope.
posted by Mayor Curley at 2:27 PM on June 8, 2012 [8 favorites]
In related news, the Las Vegas Sands Corporation is under investigation for, among other things, considering paying a $300 million bribe to an official in Beijing to clear the way for their business in Macao. Steve Jacobs, the former head of Sands / Macao, was fired and soon after a bunch of very shady emails have fallen into the hands of the SEC and various newspapers.
posted by Nelson at 3:59 PM on June 8, 2012 [1 favorite]
posted by Nelson at 3:59 PM on June 8, 2012 [1 favorite]
Hookers. I hope.Don't forget the tweakers selling meth in the lobby. Or so I've read.
posted by delmoi at 6:50 PM on June 8, 2012
Spain is the only place I've ever had problems with pick-pockets. And that was a problem every day when I was in Madrid. Oh. I guess that makes it an ideal location to build Euro-Vegas. Minimal training of the riff raf! w00t!
posted by Goofyy at 11:04 PM on June 8, 2012
posted by Goofyy at 11:04 PM on June 8, 2012
There was a similar scramble in the UK a few years back where all the bigger cities were fighting to be one of the cities given an exemption that would let them build a mega casino that would put their respective city 'on the map'.
I can only conclude that none of these pro-casino people have ever been to Atlantic City and seen the world class infrastructure that mega-casinos provide for their local communities.
posted by srboisvert at 2:47 AM on June 9, 2012
I can only conclude that none of these pro-casino people have ever been to Atlantic City and seen the world class infrastructure that mega-casinos provide for their local communities.
posted by srboisvert at 2:47 AM on June 9, 2012
"Notorious" with a supporting article link could be used in the same way to describe virtually any high profile billionaire or politician in a MeFi post.
Truer words have never been spoken.
posted by El Sabor Asiatico at 6:32 AM on June 9, 2012
Truer words have never been spoken.
posted by El Sabor Asiatico at 6:32 AM on June 9, 2012
"Notorious" with a supporting article link could be used in the same way to describe virtually any high profile billionaire or politician in a MeFi post."(Replicants) are like any other machine. They're either a benefit or a hazard. If they're a benefit, it's not my problem." - Blade Runner
Truer words have never been spoken.
posted by Orb2069 at 8:39 AM on June 9, 2012
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posted by Faint of Butt at 11:35 AM on June 8, 2012 [6 favorites]