Cordish Companies eyes Spain for new gaming and hospitality complex

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Posted on: June 3, 2022, 7:36 a.m.

Last update: June 3, 2022, 9:52 a.m.

The Cordish Companies has a strong footprint in the United States, but lost a chance a year ago to add Virginia to the list. As a result, the company is looking internationally and may try to develop a casino resort in Spain.

Skyline of Madrid, Spain
Madrid, the skyline of Spain. The Cordish Companies offers a new complex that includes casinos and other hospitality offerings in Madrid. (Picture: Pinterest).

The American casino operator wants to add a new development in the eastern region of the Spanish Community of Madrid, according to a Spanish media Information. It would be an integrated development center, a place that usually includes casinos, restaurants, hotels and other leisure activities in general.

David Cordish, president and CEO of the company, explained that the project could use 134 hectares (331 acres) of land in the Henares Corridor. This area benefits from a large permanent population, as well as significant national and international travel.

Live! From Madrid

True to tradition, Live! Resorts Madrid would be the name of the new project. Cordish is confident enough of its success to already list the property on its website as a proposed project.

The complex would require an initial investment of 2.2 billion euros ($2.36 billion), although it is expected to generate profits of between 4 and 6 billion euros ($4.3-6.44 billion). dollars) in the first five years.

Madrid are seriously considering the offer, according to sources at local law firm Díaz Arias Law Firm. The community government is reviewing the details, which it received several weeks ago.

At present, there is a rustic tract of 134 hectares in the Henares corridor that Cordish has his eyes set on. It would cost the company around 20 million euros ($21.5 million) and if it was able to complete the entire project, it could generate around 56,000 jobs.

The last complex of this line to open in the Henares Corridor is Oasiz, in Torrejón de Ardoz. The commercial, commercial and leisure center is owned by the French company Phalsbourg.

Cordish continues its 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 of note is the redevelopment of the Port of Baltimore and a number of casino projects, including Live! Pittsburgh, live! Maryland and others.

Most recently, he joined the Texas Rangers of MLB. The two announced on Wednesday that they would be developing Spark Arlington in the city of Arlington, Texas. It is a new multi-purpose facility in the city’s entertainment district. It will span 30,000 square feet and offer 61 private offices, 17 suites, hospitality-focused amenities, and more.

He also tried to enter Spain once before. Just over five years ago, Cordish chose land near Torres de Alameda, east of Madrid, for this project. However, the government of the president of the Community of Madrid Cristina Cifuentes rejected the idea.

Things could be different this time around. Even as Spain introduces tough regulations to the land-based and online gambling industries, Madrid could be bracing for Cordish’s plan.

The Community of Madrid’s Economy Ministry, headed by Javier Fernández-Lasquetty, is said to be reviewing the proposal. However, when asked to comment on local media, a ministry official said only that he would not “confirm or deny” any reports of private projects.

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