casinosnewshubb
Advertisement
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact
No Result
View All Result
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact
No Result
View All Result
casinosnewshubb
No Result
View All Result
Home Casino News

The Community of Madrid Rejects Cordish Casino Project

admin by admin
February 22, 2023
in Casino News


The Community of Madrid rejected the plans of the American casino operator Cordish Companies to construct the Live! Resorts Madrid entertainment complex in the Madrid municipality of Torres de la Alameda for the third time in seven years. Cordish Companies presented new plans to the Executive of Madrid for the €20m development in June but the local officials rejected the plans once again due to road infrastructure and environmental concerns.

Project rejected again:

The government rejected the project for the third time. According to the source, the Ministry of Economy said in the statement: “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.”

Cordish Companies have modified the plans to address the project elements having been claimed as ”unfeasible” by the regional government on previous occasions and limited the size of the casino space to 10 percent of the total area seeking compliance with the Community requirements.

Project benefits:

The operator claimed that the Live! Resorts Madrid facility would generate around € 9 million in revenue, more than 55,000 direct or indirect jobs, and the tax revenue for the government amounting to almost € 3.25 million. The company expected around 8.6 million visitors to the complex within the first year of operation to support these projections.

Initial proposal:

In the initial proposal in December 2016, the family-owned operator running facilities across the United States proposed its Live! Resorts Madrid complex to include hotels, theaters, cinemas, and convention centers, as well as shopping, restaurant, and gaming facilities on 331 acres of land on the outskirts of Madrid. The regional government voted down the proposal claiming that it would have required the city to invest at least some $ 370 million to revamp road and railway connections to the facility.

Second proposal:

Cordish revised the plan, change the location to Torres de la Alameda, and re-submitted the amended Integrated Development Center project for approval in July 2017 but was rejected for the second time. The city lawmakers argued that the revised plan still relied too much on gaming revenues in order to succeed. They also indicated the restrictive number of integrated development center projects available for approval.

Third submission rejected:

The operator has meanwhile made additional modifications to the project, bringing down the anticipated casino floor from the 100,000 sq ft projection to ten percent of the total resort area to recently apply for the same location with another project revision for the third time. However, the regulator rejected the plans once again due to road infrastructure and environmental concerns. Instead, the Community of Madrid proposed the creation of hotel, leisure, commercial, and sports facilities in the location.





Source link

Previous Post

Nevada Hotel Tax Revenue Will Beat Pre-COVID Levels In 2023

Next Post

Lend us your ears for Episode 540 of the top-rating Tech Guide podcast

Next Post

Lend us your ears for Episode 540 of the top-rating Tech Guide podcast

Recommended Post

Online Casino

Optus is now offering $5 a day international mobile roaming

March 20, 2023
Casino News

Unnic Casino in Andorra Visited by 22,00 People So Far

March 20, 2023
Casino News

Fall Of Credit Suisse Won’t Derail Nagasaki Casino Funding

March 20, 2023
Casino News

France and Australia ISP blocking more casino websites

March 20, 2023

© 2022 Casinos News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact

© 2022 Casino News Hubb All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/