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Sands Bails On ‘Euro-Vegas’

MADRID (AP) — Las Vegas Sands Corp. says it has scrapped plans to build a multibillion-dollar “EuroVegas” resort in Spain.

A statement on the company’s website Friday said the project near Madrid did not fit with the company’s immediate development plans, which will be focused on its Asian business.

The casino company led by Sheldon Adelson had considered investing more than 22 billion euros ($30 billion) in the project that was to include 12 hotels, six casinos, a convention center, golf courses, theaters, shopping malls, bars and restaurants.

Spain, where unemployment stands at 26 percent, had hoped it might create some 260,000 jobs.

The plan had been fiercely opposed by many people who feared it would lead to a change in non-smoking laws, promote prostitution and provide only low-paying jobs.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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