Madrid’s regional government has reportedly rejected Cordish Gaming’s second application to build a €3b integrated resort, casting further doubt on whether the project will go forward.
On Friday, El Confidencial reported that the Community of Madrid had rejected the revised proposal Cordish had submitted for its sprawling Live Resorts Madrid, which was to occupy 92 hectares of land near the city’s international airport. The regional government’s main objections reportedly stem from a lingering concern that the project would rely too heavily on gaming.
Cordish’s original proposal last December envisioned a €2.2 complex with a casino, 4k hotel rooms and the usual assortment of convention, retail and dining amenities. This was rejected by local officials as insufficiently diverse to meet the requirements of an Integrated Development Center (CID), a designation that can only be awarded once per decade due to its significant tax and land use advantages.
Undaunted, Cordish submitted a revised proposal in May that added a six-hectare lagoon and artificial beach to satisfy the CID’s requirements for sports and cultural facilities. But Madrid missed its deadline for responding to the bid, claiming that it needed more info from Cordish before making its decision.