Cordish Companies

Cordish Companies remains interested in developing a mega-casino in Madrid even after five years since its previous plan was rejected.

The US property developer has reportedly presented a new proposal to the Executive of Madrid for a €20m Eurovegas entertainment complex that would feature a multiplex casino, restaurants and hotels.

Cordish Companies already own 134 hectares that it proposes to use for the development, which it says would create around 56,000 jobs. The company has made changes to what it proposed last time, taking account of the feedback from authorities.

In 2016, Cristina Cifuentes, the then president of the Community of Madrid, had said that Cordish’s previous proposal – for Live! Resorts Madrid – looked promising, but the next year the government finally rejected the projectsaying that it didn’t comply with the requirements for such infrastructure. The government didn’t like the weight the casino would have in the project and also feared the impact on traffic

Díaz Arias, the law firm representing Cordish Companies in Spain, told La Información: “We have taken the experience of the previous project and taken into account all the things that weren’t liked last time. That’s why we have included some options in, for example, environmental matters.”

The law firm said it expects a reasonably fast decision, with Javier Fernández-Lasquetty, a political ally of Madrid’s president Isabel Díaz Ayuso, overseeing the review of the proposal. However, upcoming elections could slow things down and the firm remained cautious about the possible result.

It said: “This type of project requires the approval of many ministries, including the department in charge of environmental matters. We are cautious. The last time we were optimistic and things didn’t come to fruition. We need to be realistic.”

The firm suggested that the initiative “could prove helpful for Ayuso during her campaign because it will represent an economic boost for Madrid and for Spain”.

However, it added: “This is not about a political issue, this is an economic issue. A lot of jobs are going to be created and it doesn’t matter if you’re a socialist, PP or from Vox. Political issues must remain in the background around this.”

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