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Las Vegas Sands Pulls Out of Eurovegas Project

Las Vegas Sands Pulls Out of Eurovegas Project

The plan to build a giant casino complex called Eurovegas near Madrid has fallen apart following disagreements between the developer and Spanish authorities. Las Vegas Sands has pulled out of the $30 billion project which was to include six casinos, twelve hotels and numerous shops.

Las Vegas Sands Pulls Out of Eurovegas Project

Las Vegas Sands has pulled out of the project to build a casino complex in Spain due to problems with the country’s authorities.

Spanish authorities have refused to agree to a number of demands made by Las Vegas Sands.

The casino operator wanted a guarantee from the Spanish government that it would not be affected by future changes in policy which may affect the resort’s profitability.

Furthermore, it wanted a lower tax on gambling and there was a disagreement regarding smoking at the resort, Las Vegas Sands wanted the resort to be exempted from Spanish rules on smoking.

Spain’s Deputy Prime Minister, Soraya Saenz de Santamaria, said, “New conditions were put forward concerning taxes and legal protection … which could not be taken on board by the administrations involved. The government needs to preserve the general interests of all Spaniards.”

Sheldon Adelson, the CEO of Las Vegas Sands said, “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.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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