Cordish companies are not giving up owning a casino complex in the Spanish capital after submitting a new 20 million euro ($21.4 million) project “EuroVegas” to the Madrid government. [Image: Shutterstock.com]
Baltimore-based real estate developer The Cordish Companies is not giving up on its dream of developing a large casino in Madrid.
EuroVegas casino complex worth 20 million euros ($21.4 million)
Although local Spanish lawmakers rejected their earlier offer, the US company reportedly submitted plans to build a 20 million euro ($21.4 million) casino complex “EuroVegas” in Madrid.
According to local media reports, Cordes has submitted her proposal to the Ministry of Economy of the Community of Madrid (MECM). It plans to develop an Integrated Development Center (IDC) in the Spanish capital, complete with multi-screen casinos, hotels and restaurants.
Politics at play
Cordish companies already own 134 hectares in Madrid, which will serve as the base for the IDC. The law firm of the American company, Diaz Arias, also confirmed that the new complex will provide about 56,000 new job opportunities in the region.
Cordish’s lawyers used Spain’s general election in 2023 to advance their client’s case. They suggested that the plans could be of value to President of the Community of Madrid Isabel Díaz Ayuso by providing an economic boost to the city.
Despite attempts to influence lawmakers in the region, Diaz Arias argued that the Madrid casino complex was an “economic issue” rather than a political one. “A lot of jobs will be created and it doesn’t matter if you are a socialist, from PP or from Vox. Political issues should remain in the background around this,” the law firm challenged.
Are you lucky for the second time?
Last time, the Cordish Casino proposal fizzled out during the tenure of former President of the Community of Madrid Cristina Cifuentes. In 2016, Cifuentes urged caution despite acknowledging that the proposal looked promising. Six months later, the regional government rejected the proposal on infrastructure compliance grounds.
We have to be realistic.”
Cordish’s lawyers are using caution this time, noting that signing the project requires approval from several government ministries. The law firm admitted: “The last time we were optimistic and things didn’t come to fruition.” “We need to be realistic.”
Referring to the rejected proposal, the lawyers said they took on board “all the things they didn’t like last time.”