Madrid Cuts Casino Tax For Las Vegas Sands Resorts
Sheldon Adelson’s strong negotiation power and financial weight was just enough to convince the mayor of Madrid to cut the casino tax from 45% to 10%.
When you’re about to spend €15 billion developing a massive EuroVegas hotel and casino in the region and create up to 250,000 jobs, politician’s listen.
This is exactly what happened when Madrid mayor Ignacio Gonzales conceded, considering the economic situation in Spain and the 25% unemployment, figuring it was best for the entire nation.
The consequences would be too great if Adelson didn’t get what he wanted and decided to relocate the casino to another country. It’s already widely known that Madrid has the lowest casino taxes in the industry, but this really shows that the city is ready to negotiate.
Overall, securing this project is an “Ace” for the city of Madrid as the EuroVegas project is expected to include as many as 12 resorts, nine theaters, six casinos, three golf courses, and even a major sports stadium.
The mayor was smart to reduce that tax rate and the region will soon be seeing all the benefits this massive and important casino development will bring to Madrid for years to come.