Madrid Receives Revised Casino Project Proposal

After having its €2.2 billion Madrid casino proposal rejected in March, the Cordish Companies has now submitted a revised application which it hopes will be more to the liking of Madrid’s regional government.
The site of the integrated casino resort is a 92 hectares stretch of land located 30 kilometers east of Spain’s capital city in Torres de la Alameda. One of the original proposal’s major stumbling blocks, however, was the government’s assesment that the local community would need to spend €340 million upgrading its surrounding roads and railway infrastructure to accommodate the new resort, which was seen as placing a “significant burden” on the community’s budget.”
Under Cordish Companies’ revised proposal, however, CEO Joe Weinberg has insisted that no subsidies would be necessary, and despite the anticipated increase in tourist numbers to the region, Cordish would be able to improve nearby transport links for just €15 million, including via airport, and nearby train lines.
Addressing other issues raised concerning its first proposal, Cordish has suggested that for an overall cost of €3 billion it would also be able to include more sports facilities, such as cycle and walking routes, as well as building a 6 hectare lagoon and beach area, ideal for kayaking, surfing, and other beach activities. The company’s nearby 500-room hotel would also have room to accommodate around 8,000 people, with the resort as a whole attracting an extra 1.6 million people to Madrid each year.
The Madrid government now has a month to review the proposal, but expressing his optimism this time around, Weinberg stated that he didn’t see any rational reason why his company’s revised project would be rejected, whilst also highlighting the fact that Cordish was the only firm to have expressed an interest in investing in the integrated resort. As he explains:
“The project is a great opportunity for Madrid, which would become a global leader in the sector; no investment is needed, it will create jobs, along with billions in economic activity.”