If you tell him then you need to make him understand the whole money situation surrounding the first one. Or at least, I would hammer that home as best as I could, if I were you. From what I'm reading, it just doesn't seem like he really appreciates what you all put out in his honor the first time around.
Why did he dump the first girl? Was he cheating on her while he was planning the wedding? I can't remember if you told us before, but what exactly went down with that?