Posted: Feb 8, 2013 4:36 AM
Updated: Feb 8, 2013 4:37 AM
MADRID (AP) Las Vegas Sands casinos and Madrid officials have chosen the town of Alcorcon on the outskirts of the Spanish capital as the site for the multibillion-dollar "EuroVegas" casino project, which authorities hope will bring much-needed jobs and investment to the recession-wracked country.
Madrid regional government president Ignacio Gonzalez said Friday that work on the first of three phases would begin at the end of 2013 and would be completed by 2017.
The entire project, initially comprising 12 hotels and six casinos, is to be finished by 2023 at an estimated cost of 22 billion.
Las Vegas Sands is to fund 35 percent of the project. It is not clear where the remaining 65 percent will come from.
Spain has a swollen deficit and 26 percent unemployment.