Las Vegas Sands, which had been proposing a mega-resort dubbed “EuroVegas” in the Madrid area, is walking away from the project.
Las Vegas Sands, which was to put up more than $30 billion for the project, said Friday that it will instead pursue further investment opportunities in the Asia-Pacific region, where its Sands Cotai project opened in Macau last year.
“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," Las Vegas Sands CEO Sheldon Adelson said in a statement.
Las Vegas Sands last year changed its target area to Madrid from Barcelona, with the company citing Madrid’s advocacy for the project.
While the company didn’t disclose any details of the project’s scale, reports had circulated that EuroVegas would have included as many as a dozen hotels totaling 36,000 rooms.
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