US-based Cordish Companies has submitted plans to develop Spain’s first integrated entertainment resort destination in Madrid.
The proposed $2.2bn resort and entertainment district, called Live! Resorts Madrid, will be located on approximately 300 acres in the Torres de la Alameda area of Madrid - a location easily accessible to many Spanish locals and to western Europeans.
The new Live! district is estimated to attract over 675,000 new visitors to Madrid in its first year and increase tourist nights by over 1,680,000 annually. The completed complex will include up to 2,700 new hotel rooms, international restaurants, nearly 275,000sq.ft of convention and meeting space and entertainment venues.
The project would be the first of its kind in Europe, Cordish said. Most European casinos are small operations, generating an average of $11.3m, according to a 2016 report by PwC, exploring the possibilities for integrated resort casinos in Europe. The firm concluded that there is an opportunity for a gaming resort at the scale of Las Vegas or Macau, notwithstanding potential regulatory and development pitfalls.
