The Eurovegas project had promised to bring thousands of millions of euros to Spain and create nearly 300,000 jobs for the local economy.
This Friday, Las Vegas Sands has announced that a formal proposal to invest more than $30 billion to develop a series of integrated resorts in Madrid, Spain will not be forthcoming from the company.
“We have reiterated time and again that our internal development process would dictate the outcome of a proposed development in Spain. That process has been extremely thorough and while the government and many others have worked diligently on this effort, we do not see a path in which the criteria needed to move forward with this large-scale development can be reached. As a result we will no longer be pursuing this opportunity,” said Las Vegas Sands Chairman and Chief Executive Officer Sheldon G. Adelson.
“We are thankful to the many people who have devoted time and energy in an attempt to bring this development to fruition. The government of Spain, specifically the Regional Government of Madrid, has continuously pursued this opportunity with the interests of the Spanish people in mind and they should be commended for their efforts,” said Michael Leven, the company’s president and chief operating officer.
“As chairman and CEO, my role is not only creating a vision for the company’s future, it is also fulfilling it in a way that best represents the interests of our shareholders. 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,” concluded Mr. Adelson.
The Eurovegas project was to be the “biggest private investment in Europe’s history” according to a spokesperson for the project earlier in the year.
Earlier on Friday, the Spanish government announced that it had decided to reject the deal after demands made by Las Vegas Sands were found to be ‘incompatible with EU laws”.
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