US-based hotel and casino operator The Cordish Companies announced on Thursday that it plans to build a $2.2-billion integrated resort in Spain. The complex will be located not far from Madrid’s city center. If approved, the project will be the company’s first international venture.
Developers said during a Thursday press conference that they have submitted development plans to the Spanish capital’s Regional Autonomous Government and are waiting for the necessary approval. If one is granted, the first phase of the three-phase project is expected to be completed within two years.
Live! Resorts Madrid is set to occupy more than 300 acres of land in the Torres de la Alameda Municipality near Madrid. The complex will be located not far from the Barajas International Airport, the Madrid Atocha Train Station, and other major infrastructure. The site will thus be easily accessible to Spanish citizens as well as to visitors from other parts of Europe and the rest of the world.
When fully built, the complex will feature a 125,000-square-foot gambling floor, 2,700 hotel rooms, more than 1 million square feet of retail space, a number of dining venues offering regional and international cuisine, convention and meeting facilities, office space, performance venues, and many more.
The Great Central Plaza will be located at the heart of the resort and will feature numerous entertainment options for visitors.
Developers expect that more than 56,000 temporary and permanent jobs will be created during construction and once the property is operational. It is believed that Live! Resorts Madrid will generate over €4 billion during the first five years of its operations.
Given its near proximity to key infrastructure, the complex is expected to attract wide domestic and international visitation. It is estimated that more than 675,000 new visitors will come to Madrid during the first year of operation and that tourists overnight stays will grow by more than 1.6 million every year.
The Cordish Companies representatives said on Thursday that the concept of their new project is to a great extent based on their existing properties around the US. They also pointed out that although there will be a casino included in the Spanish resort, gambling will not take a central role in its promotion.
The Cordish Companies has been operating casino resorts in the US. Maryland Live! Casino, the largest gambling venue in the state of Maryland, has been its flagship property. The Cordish Companies has not been the first US casino developer to express interest in building an integrated resort in Spain.
In 2012, Las Vegas-based gambling giant Las Vegas Sands proposed to build EuroVegas, a large multi-purpose complex to have been completed by 2026. The property was to feature twelve hotel towers, six casinos, golf courses, convention and meeting venues, and numerous dining, retail, and entertainment options. However, the ambitious project was canceled as the developer and the Spanish government could not come to an agreement on certain issues.
