Las Vegas Sands names Madrid as preferred location for its EuroVegas project

The company has consistently said it will allocate approximately 25-35 percent equity for the proposed development. It 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 G. Adelson, chairman and CEO of Las Vegas Sands.

"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," continued Adelson. "Barcelona is an outstanding tourism destination and choosing Madrid over Barcelona was not an easy selection. We also want to express our deepest gratitude to the people both within the Barcelona government and those who served as consultants or advisors to us there while we went through our evaluation process."

Adelson said that while the process in Spain plays out, the company will still continue to aggressively focus on a variety of other development opportunities, specifically in the Asian countries of Japan, Korea and Vietnam.