The €20 million Live! Resorts Madrid entertainment complex from Cordish Enterprises has been formally rejected by the Community of Madrid. Five years after its initial blueprint was turned down, Cordish Companies presented revised proposals to the Executive of Madrid in June for the €20 million Live! Resorts Madrid entertainment complex, which will include a multiplex casino, dining options, and hotels. But, this obviously wasn’t enough to appease the expectations of the local MPs, who have once again rejected the plans. This is the third time the government has rejected a project that would have increased the casino’s size to 10% of the overall area.
“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.
Cordish had chosen Torres de la Alameda, a municipality in Madrid, to implement an ambitious plan that, for this occasion, had been amended and tried to undo the various components that the regional administration had previously deemed “unfeasible.” By keeping the casino’s size to 10% of the entire land, it was hoped that the project would meet community desires.
The resort, according to the business, would earn €3,249 million for the government coffers, create 55,600 employment (direct and indirect), and have an economic impact of approximately €9,300 million. During the complex’s first year of operation, 8.6 million visits, according to Cordish, are expected.
The establishment of places for hotels, recreation, commerce, and sports was the initial idea from 2016. Together with the casino, it was anticipated to include 2,000 beds in 4- and 5-star hotels, three convention centers, a theater, a circus, 16 movie theaters, nightclubs, restaurants, and cafeterias, as well as beauty salons, entertainment spaces, a spa, a gym, and more than 400 stores.
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