This is Vegas canned, over $40 million in development costs

Remember This is Vegas? It was an open-world action, gambling and dancing game from Midway, although it was sold along with other assets to Warner Bros. when the publisher ran into financial trouble last year.

Development on This is Vegas has now been canned, according to reports. Development costs for the game are said to be over $40 million, which surely makes it one of the worst cancellations in history.

“Midway spent in the region of $43 million up to the point when it was being sold to WB” said a source close to the project.

”It was moving along to a point where the title was on the schedule for release late last year - but still needed another eight months to a year to finish with a studio burn rate of $250,000 per month,” added the source.

This is Vegas was in development for the Xbox 360, PS3 and PC. We’ve contacted Warner to see if we can get this confirmed.