Las Vegas Sands Ditches EuroVegas Project in Spain
The Las Vegas Sands Corp. will not be investing the more than US$30 billion required to develop the EuroVegas casino resort project, which had been planned for Madrid, Spain. The gaming company made the decision following months of discussions with various levels of the Spanish government and after conducting internal due diligence. "While the government and many others have worked diligently on this effort," noted Las Vegas Sands chairman and CEO Sheldon G. Adelson in a statement, "we do not see a path in which the criteria needed to move forward with this large-scale development can be reached." Instead, added Adelson, the company would pursue more opportunities in Asia. "Developing integrated resorts in Europe has been a vision of mine for years," he said, "but there is a time and place for everything and right now our focus is on encouraging Asian countries, like Japan and Korea, to dramatically enhance their tourism offering through the development of integrated resorts there."