Las Vegas Sands Selects Madrid for Proposed Europe Resort Location

Las Vegas Sands Corp., which owns the Venetian and Palazzo resort casinos in Las Vegas, and resorts in Macao and Singapore, has selected Madrid, Spain, as its preferred location to build an integrated resort development for the European market.

The company said it has now completed the first phase of due diligence efforts and will move to the next phase, which will include determination of size, scope, specific location and financing options from the capital markets for the project.

Las Vegas Sands said it would allocate 25 to 35 percent equity for the proposed development of the resort. The company added that the process is still very much in the early phases and progress towards resolution of the current economic challenges within Europe will be an important consideration.

"We would like to thank people in both Madrid and Barcelona for the time and effort they have dedicated to this process. We have met so many tremendous supporters of both cities and are thankful for the friendships we have developed," said Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands Corp.

Adelson also said that while the process in Spain plays out, his company would still focus on a variety of other development opportunities, specifically in Japan, Korea and Vietnam.

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