The dream lives on
Baltimore-based property developer The Cordish Companies is not giving up on its dream of developing a major casino in Madrid.
a €20m ($21.4m) “EuroVegas” casino complex
Despite local Spanish lawmakers turning down its previous bid, the US firm has reportedly submitted plans to build a €20m ($21.4m) ‘EuroVegas’ casino complex in Madrid.
According to local media reports, Cordish has put forward its proposal to the Ministry of Economy of the Community of Madrid (MECM). It plans to develop an integrated development center (IDC) in the Spanish capital, complete with multi-screen casinos, hotels, and restaurants.
Politics at play
The Cordish Companies already owns 134 hectares in Madrid, which would serve as the base for the IDC. The US company’s law firm, Díaz Arias, has also affirmed that the new complex would generate around 56,000 new jobs in the region.
Despite attempts to sway the lawmakers in the region, Díaz Arias has argued that the Madrid casino complex is “an economic issue” as opposed to a political one. “A lot of jobs are going to be created and it doesn’t matter if you’re a socialist, from the PP or from Vox. Political issues must remain in the background around this,” the law firm challenged.
Second time lucky?
Last time around, the Cordish’s casino proposal frittered away during the time of the former President of the Community of Madrid Cristina Cifuentes. In 2016, Cifuentes urged caution despite admitting the proposal looked promising. Six months later the regional government rejected the proposal on infrastructural compliance grounds.
We need to be realistic”
Cordish’s lawyers are employing caution themselves this time around, noting that the project’s sign-off requires the approval of many government ministries. “The last time we were optimistic and things did not come to fruition,” the law firm confessed. “We need to be realistic.”
Referencing the rejected proposal, the lawyers said they’d taken on board “all the things that were not liked last time.”