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Spain – Head of Madrid City Government gives backing to The Cordish Companies

By - 5 December 2016

The Head of Madrid city government Cristina Cifuentes has welcomed the news that The Cordish Companies plans to create a large scale hotel, casino and leisure complex near Madrid.

She said that it was “good” news and that it would serve to revitalise the Corredor del Henares an industrial area in the north of the city and help position it as an area for foreign investment. The Community of Madrid, one of the 17 autonomous communities of Spain, will need to analyse the project which will need to be properly registered with the authorities before a public tender is launched in around six months time she said. She also emphasised the fact that The Cordish Companies had “full solvency is reliable and powerful and it has carried out a number of entertainment projects in a number of states in the United States.”

Speaking to press in the regional parliament building she said: “It is good news for Madrid and for Spain for it entails the creation of jobs and the trust of foreign investors. We will have to wait because it is the beginning of a process that this group has registered today in the Community and now we have to see if it is a viable project.”

She was also keen to distance the new project from the failed EuroVegas – plans for which were abandoned in 2014. New plans, which have been submitted by the American company, “have nothing to do” with EuroVegas she said. “In EuroVegas 80 per cent was for gaming and this is for family entertainment. . .They have bought land and they haven’t asked for any special treatment at any time.” EuroVegas, she said, had been a “gaming project where there were also some activities related to leisure” while the Cornish proposal was “basically a family leisure project.”

The lawmaker pointed out that the new project included “cinemas, theatres, hotels, a convention centre, sports, a lot of family activity, also some activity to a lesser extent related to gaming, but it is a leisure project,” she said.

As well as gaming the resort will also offer four and five star hotels which will offer 2,000 rooms and could eventually offer as many as 4,000. The resort will also include a Broadway type theatre, a permanent circus and acrobatic facility. There will also be a large area dedicated to live concerts, as well as a comedy club and 16 cinemas including an IMAX Theatre. The new resort also aims to become an international shopping destination and will offer as many as 400 different shops.

Plans for the new resort were announced last week. Initial investment could reach as much €2.2bn and could reach as much as €3bn if market conditions allow. The project will generate 56,433 new jobs, will drive tourism in the area and could generate billions in economic development for the region.

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