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Las Vegas Sands Corp. is no longer pursuing plans to invest more than $30 billion to develop a series of integrated resorts in Madrid, Spain.

Madrid1 300x200 - Las Vegas Sands Drops Madrid Resort Plans"While the government and many others have worked diligently on this effort, we do not see a path in which the criteria needed to move forward with this large-scale development can be reached," Las Vegas Sands chairman and chief executive Sheldon G. Adelson, said in a company statement. "As a result we will no longer be pursuing this opportunity."

The Spanish government rejected a series of conditions LVS had placed in order to continue with the Europa Vegas project because they were incompatible with European Union law, Spain's deputy prime minister, Soraya Sáenz de Santamaría, told The Wall Street Journal.

Conditions included government investment guarantees and for a compensation deal to cover any losses related to changes to Spanish laws in the future, WSJ reports.
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