According to reports released by Reuters, resort company Las Vegas Sands Corp. (LVS
LVS cancelled project would have included 12 hotels and six casinos. This project was expected to bring 250,000 jobs to the city, which has an unemployment rate of 26%. The company decided to cancel the project after it was declined several requests from Spain including guarantees of compensation if legislation is changed and an exemption on the national smoking ban.
Sheldon G. Adelson, Chairman and CEO of LVS commented: “We have reiterated time and again that our internal development process would dictate the outcome of a proposed development in Spain. That process has been extremely thorough and 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. As a result we will no longer be pursuing this opportunity.”
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Las Vegas Sands shares were up 74 cents, or 0.97%, during pre-market trading Friday. The stock has increased 65% YTD.
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