Vegas Sands picks Madrid for 'EuroVegas' project

Associated Press

LAS VEGAS (AP) — Las Vegas Sands Corp. has chosen Madrid over Barcelona for a multi-billion dollar casino project dubbed "EuroVegas."

The Spanish capital and the country's largest city emerged as the company's best choice for the development, Las Vegas Sands Chairman and CEO Sheldon Adelson said in a statement released late Friday in Las Vegas.

"The regional government of Madrid has been a strong advocate for this potential development and we are appreciative of the energy they have brought to this process," Adelson said.

"Barcelona is an outstanding tourism destination, and choosing Madrid over Barcelona was not an easy selection," he said.

Adelson has said he wanted to invest about $22 billion in the project. The statement made it clear the company will allocate no more than 35 percent equity in the development.

Plans currently call for six casinos, 12 hotels, a convention center, three golf courses, shopping centers, bars and restaurants. It is expected to be built in phases over about 10 years.

Las Vegas Sands owns casinos including the Venetian and Palazzo in Las Vegas, and several hotels and casinos in the Chinese gambling enclave of Macau.