EuroVegas is cancelled in Spain and may become 'AsianVegas'.

Las Vegas casino industry magnate Sheldon Adelson, chairman of Las Vegas Sands, said that the EuroVegas mega-project, a casino complex to be built in Madrid, has been canceled. Now, the $30 billion city may move to Asia, a continent that attracts the company's attention because it has been less affected by the global economic crisis.

In an interview with CNN, Adelson said there is no consensus on how to implement the project. "We don't see a path that leads to the necessary criteria to move the project forward."

Announced in February, the project was seen by the Spanish government as a great opportunity for job creation – from construction to the implementation of the complex's services. Madrid would host EuroVegas in 2017.

Opponents of the project – both civilians and politicians – reportedly pressured the local government to cancel it, arguing that it would only generate low-paying, low-skilled jobs instead of providing a foundation for the economic model Spain is pursuing. Furthermore, the complex, which would include 12 hotels, six casinos, a convention center, golf courses, theaters, shopping malls, bars, and restaurants, could, according to the opposition, attract gangs and prostitution.

Sands estimated that the project would create 250 jobs once it had been in effect for 20 years.

However, the company also faced financial obstacles in implementing EuroVegas. Sands needed the Madrid government to finance 40% of the first phase of operation, which would cost US$3,6 billion for 12 hotel rooms.

The government, however, said it would postpone the project.

To make matters worse, Sands began requesting changes to the tax collection agreement and even to the Spanish anti-smoking law, which prohibits smoking in enclosed spaces.

In a statement, the owner of the Venetian and Palazzo casinos in Vegas and resorts in Singapore and Macau said it will seek to implement the project in an Asian country. (SuperPoker)