Las Vegas Sands Abandons EuroVegas Project In Madrid, SpainCompany Will Instead Pursue Opportunities In Asia |
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U.S.-based casino giant Las Vegas Sands has abandoned its casino project in Madrid after Spain’s government failed to meet some of the company’s tax demands. LVS wanted assurances of compensation should future legislation make profitability difficult for the company and exemption from a nation-wide smoking ban.
“New condition were put forward concerning taxes and legal protection, which could not be taken on board by the administrations involved,” said Deputy Prime Minister Soraya Saenz de Santamaria.
The $30 billion project, dubbed EuroVegas by CEO Sheldon Adelson, was supposed to feature 12 hotels, six casinos, three golf courses, a convention center and a large retail space, which would have created as many as 250,000 jobs.
LVS originally chose Madrid over Barcelona. The announcement was celebrated in Madrid, the most populated city in a country that is in the middle of a drastic economic slump. The recession is most notably reflected in Spain’s unemployment rate, which now sits at a staggering 26.7 percent.
The casino company will now pursue opportunities in Asia.
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