The second CORDISH Gaming application for the construction of an integrated casino worth $ 2.2 billion in the Torres-de-La Alamed Macro complex in Madrid was rejected by the Madrid community, which caused surprise and "shock" in the American gaming company.
The Spanish newspaper El Confidencial said that the Family company Cordish, owned by the fourth generation, will search for remedies, and representatives of the Cordish family found out about the refusal through media messages, and not through official channels. According to reports, the last application was more than 500 pages, and the initial proposal, rejected in March 2017, "satisfied all the license requirements IDC (Integrated Development Center), while the most recent application showed every nuance Madrid Live! which they want to build.
The project was supposed to take more than 225 acres of land near the main airport of Madrid-Barahas named Adolfo Suarez. In some reports it is indicated that the government did not like the revised plan, since he was still too relied on the income from the Games.
Chief Executive Officer Cordish Joseph Weinberg reported that if Madrid Live! does not meet the requirements of the CID license, then the project as a whole could not get it. He noted that their resort will create more than 50,000 jobs and will list billions of Euros to the local economy. Winberg said that his company had to cover all necessary infrastructure improvements and would not ask any assistance or subsidies from the Madrid community.
These assurances were transferred by Cordish during a meeting on July 19 with representatives of the Madrid community. It is also reported that it has committed itself to complete the project, demonstrating Credit Suisse credit support and the US banking holding company M&T bank and promised to include about 16.5 acres of free access to the public beach. According to the EL Confidencial report, no more than 15% of the development area will be reserved under the casino offer 1500 slots, 100 board games, 30 poker tables and 15,000 square meters. Futs will be assigned for sports rates.
Currently it is unclear whether the company will be invited to submit an application again or what exactly should change that their third offer to be successful.