Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
Spain's chances of a Las Vegas-style casino complex received a massive boost a few days ago thanks to a reduction in casino tax (previously set at 45%).
The man responsible for the EuroVegas project, Sheldon Adelson, requested that Madrid's regional gaming tax be lowered in order to allow the casino to thrive.
Such a demand was always going to be a tricky one for the local authorities, but after much deliberation they have decided to cut the rate to 10%. Despite having some of the lowest tax rates in Spain already, Madrid decided to make the alterations in anticipation of the complex.
The new rate will come into force when the project is complete. However, while the reduction will certainly help the project's viability, it's by no means guaranteed to go ahead as Adelson is also calling for the smoking ban to be lifted.
While Mayor of Madrid doesn't have the power to overturn this law, the hope is that the Ministry of Health will take a relaxed approach to the issue in order to make the casino a success.
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
well lets be fair- spain is in deep need of such investments, it doesn't matter what city u pick from the list- unemployment is very high, general economic situation is not healthy at all, so when such a project is being offered to a country/city- you must create favorable conditions to it. yeah i know many smaller operators might jump in and yell- hey what about us, it's unfair bla bla...imo it's not just any other investment- it's a huge investment, it's gonna attract lots of tourists, create lots of jobs, pay lots of taxes (even on a lower tax rate) and create lots of side income...
Joined: Nov '11
Location: Poland
Age: 37 (M)
Posts: 1088
I agree with pochui. Spain is on crisis, and every new investment is a hope for Spanish citizens. The Euro-casino land will be boost for Spanish economy (tourists from Europe and a lot of ) !!
Joined: Mar '11
Location: United Kingdom
Age: 39 (M)
Posts: 1646
it will definitely be a good thing for the spanish economy. lowering the tax is a no brainer. I very much doubt they will get away with lifting the smoking ban tho.
Joined: Apr '09
Location: Portugal
Age: 44 (M)
Posts: 4827
Can’t understand how did the government applied such a deal like this. Being part of the European Union, there are things that the Euro Zone countries can’t do alone without consulting the partners. I heard a lot about increasing taxes in my country and sometimes we hear, as an excuse, that it isn’t possible to lower this taxes because of the Community rules. But good for Spain, they will have a new company creating new jobs and giving a boost to the local economy.
) !!
