Spain: conditions rejected,Madrid bids farewell to Eurovegas

US group gives up on plan after requests denied

13 December, 14:11

    (ANSAmed) - MADRID, DECEMBER 13 - Madrid bids farewell to Eurovegas. The US group led by millionaire Sheldon Adelson told the Spanish government it will not move forward with its plan to build the European Las Vegas in Madrid after the cabinet rejected conditions outlined by the king of casinos.

    According to sources quoted by El Mundo online, the group wanted a strong reduction of taxes on gambling and compensation in case of future legislation cutting down profit prospects.

    The latest requests followed a long list of demands including a suspension on a smoking ban in casinos which the Las Vegas Sands group said were not negotiable. But the Spanish government and the European Commission considered them against Spain's and Europe's legislation.

    A source close to the group quoted by Bloomberg, said Las Vegas Sands is giving up on a 35 million dollar investment in Spain. The project in Madrid provided for an initial phase during which six casinos and 12 hotels with 3,000 rooms would be built. (ANSAmed).

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