Adelson says adios to Madrid
Las Vegas Sands is set to walk away from plans to build a US$30 billion resort on the outskirts of Madrid and instead look to Asia for development opportunities.
Las Vegas Sand boss Sheldon G. Adelson failed to twin concessions he sought from the Spanish government.
In a statement, Adelson said: "Developing integrated resorts in Europe has been a vision of mine for years, 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."
It was hoped the EuroVegas resort project would provide a major boost to the ailing Spanish economy.
The first phase of the four-resort complex was expected to include casinos, 3,000 hotel rooms, and a 72-story hotel tower.
The full complex, built in three phases and taking an estimated 18 years, would include 12 resorts, 12 casinos, nine theatres, three golf courses and a stadium.
Ian Jarrett
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