Posted on: June 3, 2022, 07:36h.
Last updated on: June 3, 2022, 07:36h.
The Cordish Companies has a solid footprint in the US, but lost a chance a year ago to add Virginia to the list. As a result, the company is looking at the international stage and might try to develop a casino complex in Spain.
The American casino operator wants to add a new development in the east region of Spain’s Community of Madrid, according to the Spanish media outlet La Information. It would be an Integrated Development Center, a place that typically includes casinos, restaurants, hotels and other leisure activities in general.
David Cordish, president and CEO of the company, explained that the project could make use of a 134-hectare (331 acres) plot of land in the Henares Corridor. This area enjoys a strong permanent population, as well as significant domestic and international travel.
Live! From Madrid
In keeping with tradition, Live! Resorts Madrid would be the name for the new project. Cordish is confident enough about its success that it already lists the property on its website as a proposed project.
The complex would require an initial investment of €2.2 billion (US$2.36 billion), although it is expected to generate profits of between €4 billion and €6 billion (US$4.3-$6.44 billion) in the first five years.
Madrid is reportedly addressing the offer seriously, according to sources with a local law firm, Díaz Arias law firm. The community’s government is reviewing the details, which it received several weeks ago.
At the moment, there is a rustic tract of 134 hectares in the Henares Corridor that Cordish has its eyes on. It would cost the company about €20 million (US$21.5 million) and, should it be able to realize the full scope of the project, could generate around 56,000 jobs.
The last complex in this line to open in the Henares Corridor is Oasiz, in Torrejón de Ardoz. The commercial shopping and entertainment center belongs to the French company Phalsbourg.
Cordish Continues Global Growth
So far, the company has developed four complexes, Texas Live!, XFINITI Live!, Kansas City Live! and Fox Sport Midwest Live!. The first of these opened in 1999. Also noteworthy are the redevelopment of the Port of Baltimore and a number of casino projects, including Live! Pittsburgh, Live! Maryland and others.
More recently, it teamed up with MLB’s Texas Rangers. The two announced Wednesday that they are going to develop Spark Arlington in the city of Arlington, TX. This is a new multi-use facility in the Entertainment District of the city. It will span 30,000 square feet and offer 61 private offices, 17 suites, hospitality-focused amenities and more.
It also tried to enter Spain once before. A little more than five years ago, Cordish chose land near Torres de Alameda, east of Madrid, for that project. However, the government of then-President of the Community of Madrid Cristina Cifuentes shot down the idea.
Things could be different this time around. Even as Spain is introducing stricter regulations to the land-based and online gambling industries, Madrid may be warming up to Cordish’s plan.
The Ministry of Economy of the Community of Madrid, led by Javier Fernández-Lasquetty, is reportedly reviewing the proposal. However, when asked for comment by local media, a ministry representative only said it would neither “confirm or deny” any information about private projects.