Madrid’s regional government has announced new rules that will make it even more difficult for operators like Cordish Gaming to pursue local casino projects.
On Tuesday, the Governing Council of the Community of Madrid announced plans to increase the difficulty of any project being designated an Integrated Development Center (CID), a highly sought-after status that affords developers significant advantages in terms of land usage and tax obligations.
US-based casino operator Cordish Gaming was hoping to win a CID designation for its Live Resorts Madrid project but these hopes were dashed in July after the local government rejected the company’s application, in part due to fears over the government’s share of the bill to develop the surrounding infrastructure needed to support the project.
Madrid is currently revising its Law of Measures of Territorial Policy, Soil and Urbanism, and the latest draft includes the requirement for a CID applicant to demonstrate that their project is both urgent and offers an exceptional public interest. Future CIDs will only be granted via a public tender to ensure maximum transparency and free competition.