Yanqui, go home!

Spain‘s banking system has joined a series of toppling dominoes that will likely prompt multiple, TARP-like measures and have the European Union mulling methods of preventing a run on the banks. Into this atmosphere of imminent catastrophe and 24% unemployment comes one Sheldon Adelson, who meets rather a different welcome than he was probably expecting, although this demonstration is pretty mild compared to what is likely to follow, if negotiations continue:

Euro Vegas No from UGTELEMADRID on Vimeo.

However, if Spain proves insufficiently hospitable, Adelson could always follow Donald Trump to scenic, booming Batumi, on the shores of the beautiful Black Sea. (The difference being that Adelson is likelier to complete any project he promises than is the failure-prone Trump.) Officialdom is Georgia is as receptive to casino development as Spanish politicos are, it would appear, although Sheldon will be in for a climate shock: Batumi’s 107 annual inches of rainfall — 21X times that of Las Vegas — would almost make Singapore (92″ per year) look temperate by comparison. The region definitely needs to work on its tourism figures: 1 million tourists over the last seven years won’t exactly wow anybody who’s headquartered in Vegas.

Closer to home, it’s difficult to argue with New York City Mayor Michael Bloomberg‘s assessment of the economic potential of casinos and where they should go (i.e., not into distressed neighborhoods, as was planned for Britain‘s abortive “supercasino,” for example). Hizzoner sees Gotham as a multi-casino market and it’s one that’s seemingly tailor-made for Las Vegas Sands‘ convention-driven business model. The question is, Will Adelson be willing to share a Manhattan sandbox with others or pull a Florida: i.e., take his toys and go home? If it’s clear from the get-go — as happened in Singapore and Macao — that exclusivity isn’t on the table and never will be, Adelson is likelier play ball than if the issue is allowed to remain in flux and subject to his pressure. Of course, since no other company regularly makes having a monopoly a precondition of condescending to build casinos, Bloomberg and Gov. Andrew Cuomo (D) can rest assured of having monied suitors even if Sheldon suffers another snit fit.

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