“If Eurovegas is launched, we will move to reinvent ourselves”

Which is the current situation of the casinos in Spain?
No doubt the activity has been seriously affected. In Casino Gran Madrid we have suffered a 40% decrease in the volume of the activity. We are aware of the situation of crisis. Curiously, the visits have maintained. We continue receiving around 500,000 visitors a year. But the activity is crearly inferior. We have the same amount of visits but the expense per customer has decreased. Casino Gran Madrid had benefits in 2011, although it was little. Although the global result of the group (that gathers other casinos, such as those in Benalmádena and Cartagena) was negative.

Has the tobacco law harm your sector?
Yes. The gaming sector is very connected to tobacco. The decrease of our activity is very connected with the smoking prohibition.

Do you see Eurovegas as a feasible project?
Recent history reminds us that there have been other projects within the sector, which have not finally developed. The initiative of the tourist and leisure complex of El Reino de Don Quijote, which was going to be built in Ciudad Real, failed several years ago. Infraestructures were deployed even for AVE, and finally it did not succeed. And like this, so many others. There are still many points to be solved for Eurovegas to be developed.

One of those points is the possible change in gaming regulation. Do you think it will be possible?
One of the petitions by Sheldon Adelson is that the rate that taxes the gaming activity a 10% is reduced. It was one of his conditions to come to Madrid. Currently, in Madrid Council we pay a 45% on incomes. This point no doubt is a disadvantage for our activity. In is a fee that is applied on the incomes, not on the benefits. Last year we paid around 18 million euros in this tax. If this is decreased, the context would be much more attractive. In any case, it would be logical that, if the change is approved, it had to be done before Eurovegas opens its doors. The companies of the competition must have time to undertake strategies, adapt and strenghten. If the gaming law is changed when Eurovegas opens, it would lead us to failure. 

If developed, Do you think the numbers that Eurovegas expects to achieve are credible?
That is not me who has to comment this. It is said that more than 200,000 employments will be created and more than 17 billion euros will be invested. If it is achieved, it would be very good news that will generate economic movement. It is clear that, if the numbers are complied, the economy will grow. We would be delighted if they come true. In any case, talking about specific data, it seems difficult to achieve 11 million visitors. In Spain now there is a total of 41 casinos, that represent 4.5 million visits a year. If they achieve to attract that quantity of customers, we will be attentive to try to obtain a minimum part of it.

Have you thought about how to offset Eurovegas effect?
In Casino Gran Madrid we continue developing strategies to face the situation of crisis and the current situation. For example, in recent years, we have opened the first "sport bar" of a Spanish casino. We also started the first legal Internet casino and the first outdoor summer casino. So far, we consider it is premature. But if Eurovegas is developed, we will move to reinvent ourselves. Anyway, we have not remained still. Changes that have been produced in the gaming sector in recent years have led us to adapt to the new context with a lot of initiatives.
To begin, if the gaming tax would decrease from 45% to 10%, we would have a margin of more than 30 points to do investments with which to compete, to start new projects. We could, for example, think of opening a theatre…

You have asked authorization to open a venue in the center of Madrid, Haven’t you?
Yes. The new legal frame of Madrid Council authorizes the opening of venues in Madrid. We have already asked for authoritzation, although we have not decided the location yet.