EuroVegas plans cancelled

Las Vegas Sands has abandoned its plans to build EuroVegas, its pie-in-the-sky resort outside Madrid, Spain.

The massive resort had been master-planned to have six casinos, a dozen hotels, three golf courses and lots of other attractions. Sheldon Adelson, the 80-year-old multi-billionaire who controls Las Vegas Sands, pulled the plug on it partly because he wasn’t given the tax relief he demanded and partly because he believes there are greener pastures in Asia.

“There is a time and place for everything,” he said in a comment published by the New York Times, “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.”

The Spanish government rolled the dice on EuroVegas in the hope of creating thousands of desperately needed jobs. But the odds were stacked in Adelson’s favor, and, as he knew, the house always wins.

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