Las Vegas Sands has announced that it is abandoning plans to build the $30bn so-called EuroVegas resort in Madrid, Spain.
In a severe blow to the Spanish economy, LVS said in a statement: “We do not see a path that would allow us to reach the necessary criteria to move forward with this grand-scale development. As a result, we will not pursue this opportunity.”
The project was to be a Las Vegas-style gambling, hotel and conference centre complex comprising 12 resorts, six casinos and 18,000 gaming machines.
LVS had forecast the complex would create more than 250,000 jobs with the first phase alone to cost $6bn.
The scheme has faced political opposition since its inception with LVS CEO Sheldon Adelson seeking a range of concessions from the Spanish government.
With officials in Spain unwilling to meet the majority of LVS’ demands, Adelson’s company has pulled the plug on EuroVegas and will instead focus on opportunities in Asia.
