US casino owner and operator, The Cordish Companies has just announced their plan to build a €2.2 billion hotel and casino resort in the vicinity of Madrid, Spain. The casino operator has already bought 134 hectares (+/-330 acres) of Spanish land near the Barajas airport in Madrid, where they plan to build the enormous resort. All they are waiting on, at the moment, is to get the necessary permits from Spanish authorities.
The new property will be called Madrid Live!, in similar fashion to their popular Maryland Live! casino, and according to the company it will open up to 57,000 jobs, either directly or indirectly, and bring an estimated number of 1 million tourists on an annual basis. The new casino is also expected to have a €4 billion effect on the city of Madrid during its initial five-year run.
According to Joseph Weinberg, CEO of Cordish Companies, the casino project was entirely funded and awaiting permit approval. As to why Madrid was chosen, Weinberg stated that he believes the city to be the ideal location for the company’s first step into international waters, primarily due to its dense infrastructure and its reputation as a “leisure destination”. The company is even prepared to compete in a public tender against other competitors, should the local government decide to put out a call for the best offers.
If they are granted a license, the company believes to be able to complete stage 1 of its three-phase development plan by no later than 18-24 months. Once stage three is completed, the Madrid Live! resort will boast a casino floor that will take up to 10% of the entire area, but also a 4,000 room hotel, shopping and convention centre, live venue, and the usual assortment of restaurants and clubs.