Sands' (LVS) Adelson Has Multi-Billion Dollar Plan for Debt-Riddled Spain

April 11, 2012 9:43 AM EDT
The rain in Spain stays mainly in...the Strip?

If Las Vegas Sands (NYSE: LVS) Chairman Sheldon Adelson has anything to say about it, the classic 1956 My Fair Lady song may take on a whole new meaning.

According to reports Wednesday, Adelson is willing to spend up to $35 billion on a mini-Las Vegas Strip in Spain, with his eyes set on Barcelona and Madrid. Why he's not shooting for Ibiza is anyone's guess.

Comments were made as Adelson spoke at the opening of a new $4 billion property in Macau. He said Sands might be aiming for 12 integrated resorts with 3,000 rooms each. Each building is said to cost from $2.5 billion to $3.0 billion, according to Reuters.

Avoiding comments on the current debt crisis sending many unemployed Spaniards -- currently at a 23 percent rate -- to the brink, Adelson said it was a five- to 10-year venture.

Otherwise, back in Asia, Adelson said Sands is looking for further expansion in Japan, Korea, and Vietnam.

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