The Community of Madrid has officially rejected Cordish Companies €20m Live! Resorts Madrid entertainment complex. In June Cordish Companies presented new plans to the Executive of Madrid for the €20m Live! Resorts Madrid entertainment complex, featuring a multiplex casino, restaurants and hotels, five years after its initial blueprint was rejected. However this was clearly not enough to satisfy the demands of local lawmakers who have rejected the plans once again. This is the third time that the government has said no to the project.
“It is foreseeable that it will have a negative impact on the landscape, the territory, the fauna and the road infrastructures, and that it entails a burden for the budget of the Community of Madrid. It is not proven that it produces a relevant, effective and lasting impact on the economic, social and cultural development of the region. Therefore, it is proposed not to process the project Madrid Live! as an Integrated Development Centre,” the Ministry of Economy told Spanish press in a statement.
The Madrid municipality of Torres de la Alameda had been selected by Cordish to deploy an ambitious plan, which for this occasion had been modified and sought to reverse the different elements considered to be “unfeasible” by the regional government on the two previous occasions. The hope was that the project might comply with the Community demands by limiting the size of the casino to 10 per cent of the total area.
The company claimed that the resort would produce an economic impact of more than €9,300 million; create 55,600 jobs, (both direct and indirect) and generate €3,249 million for government coffers. Cordish said that that some 8.6 million visitors would come to the complex during the first year of activity.
The initial proposal in 2016, proposed the creation of spaces for hotel, leisure, commercial and sports. In addition to the casino, it estimated that it would have a capacity of 2,000 beds in 4- and 5-star establishments, as well as three convention centres, a theatre, a circus, 16 movie theatres, nightclubs, restaurants and cafeterias, beauty salons, entertainment areas, spa and gym and more than 400 shops.