''Eurovegas' giant casino plan in Spain cancelled
Las VegasVegas
Sands plans to focus on Asian markets
A plan to create a giant casinocasino complex - called Eurovegas - near Madrid has collapsed after disagreements between the developer and Spanish authorities.
US casinocasino complex - called Eurovegas - near Madrid has collapsed after disagreements between the developer and Spanish authorities. operator Las Vegas Sands has pulled out of the $30bn (£18bn) project which included six casinos, 12 hotels and many shops.Directly and indirectly the project was supposed to create up to 250,000 posts.
That was an important selling point in Spain where the jobless rate currently stands at 27%.
However Spanish authorities would not agree to several demands from the US company.
Las VegasVegas
Sands wanted the government to insure it against future changes in
policy which could damage the resort's profitability, as well as a lower
tax on gamblinggambling.There was also a disagreement over smoking at the resort, with Las Vegas Sands asking for the resort to be exempted from Spanish rules on smoking.
National interest At a news conference after the government's weekly cabinet meeting, 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," she said.
Record numbers of gamblers have been visiting Sands casinocasino in Macao
"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."
Madrid was selected as the location for the resort after a long battle with Barcelona, which also coveted the investment.
The casinocasino
complex has been opposed by several groups, including the Roman
Catholic Church, which argued the development would encourage
prostitution and crime.
Las VegasVegas Sands plans to focus on Asian markets
A plan to create a giant casinocasino complex - called Eurovegas - near Madrid has collapsed after disagreements between the developer and Spanish authorities.
US casinocasino complex - called Eurovegas - near Madrid has collapsed after disagreements between the developer and Spanish authorities. operator Las Vegas Sands has pulled out of the $30bn (£18bn) project which included six casinos, 12 hotels and many shops.Directly and indirectly the project was supposed to create up to 250,000 posts.
That was an important selling point in Spain where the jobless rate currently stands at 27%.
However Spanish authorities would not agree to several demands from the US company.
Las VegasVegas
Sands wanted the government to insure it against future changes in
policy which could damage the resort's profitability, as well as a lower
tax on gamblinggambling.There was also a disagreement over smoking at the resort, with Las Vegas Sands asking for the resort to be exempted from Spanish rules on smoking.
National interest At a news conference after the government's weekly cabinet meeting, 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," she said.
Record numbers of gamblers have been visiting Sands casinocasino in Macao
"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."
Madrid was selected as the location for the resort after a long battle with Barcelona, which also coveted the investment.
The casinocasino
complex has been opposed by several groups, including the Roman
Catholic Church, which argued the development would encourage
prostitution and crime.
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