The so-called 'Eurovegas' is going to be built in Spain, and it has now been confirmed that the chosen site for the casinos is in Madrid. However, there are still a number of arrangements to be made.

The casino project is being developed by Las Vegas Sands Corp, the Sands resorts company. They are expected to pay about 35% of the costs and the city of Madrid should find the rest. As the total cost is likely to be at least $35 billion, it will be very difficult for Spain to find the money. The development will be huge - 12 resorts, 6 casinos, golf courses, hotels etc - and should transform the poor area, some distance from Madrid's busy centre, where the building is planned. It is also estimated that the project could bring as many as a quarter of a million jobs to a country struggling with massive unemployment (now at 25%).

However, the money has to be guaranteed before the work can go ahead, so we can expect some tough negotiations in the next few days.