Cordish is doubling the budget to build a US$550m casino and hotel complex in Torres de Alameda, Spain, despite being rejected by the authorities two months ago.
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The company revealed that it had submitted an expanded proposal for an out-of-town entertainment district, which it said would boast “Europe’s largest offer of resort style-hotels, gastronomy and all kinds of entertainment for locals and tourists.”
In an effort to meet the authority’s standards, Cordish is adding to the project an artificial lagoon, a beach with free access and a World Soccer Hall of Fame Museum. The property will halso have a 15-acre lake. Other leisure components highlighted in the plan are cinemas, themed discos and a centre for e-sports.
Family-owned Cordish presented a first proposal to the Madrid regional government in November, which came with a pledge to create 56,000 local jobs. But the plan was rejected in March after the government concluded it was not “viable from an economic and organisational point of view.”
Cordish is hoping to tackle those concerns with its resubmitted application. According to a summary provided by the company, the new proposal argues that “the applicant will fully assume the execution of the necessary public infrastructures,” including the provision of private bus shuttles for visitors. Cordish also supplied “financing letters” from M&T Bank and Credit Suisse, which it said demonstrated the company’s ability to fully fund the project.
