The ELT approved, wonderful, at 40 metre diameter.
Now we have to wait for the OWL, intended to have a single aperture of 100 meters in diameter.
The ELT will do for now.
Note that the present largest optical telescopes are much smaller than that.
The GTC is a single telescope with a diameter of 10.4 metres.
The Keck is a pair of telescopes with a diameter of 10 metres (light bucket equivalent 14.1 metres, interferometer closed in year 2012)
The VLT is a group of four telescopes at 8.2 metres each plus outliers (light bucket equivalent 16.4 metres, interferometer equivalent 138 metre diameter).
It’s as a light bucket that the ELT wins out over the VLT. The larger light gathering area means observations of faint objects six times faster than the VLT. That means that it can be used for either six times as many observations as the VLT, or it could be used to image objects six times as faint as the VLT can see.
PS. Pray for top quality adaptive optics. For ground optical and infrared telescopes these days, quality of adaptive optics is everything.