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U.S. real estate developer Cordish proposes $2.3 billion Madrid project
December 1, 2016 / 5:00 PM / 10 months ago

U.S. real estate developer Cordish proposes $2.3 billion Madrid project

MADRID (Reuters) - U.S. real estate developer Cordish Companies proposed on Thursday a 2.2 billion euro ($2.3 billion) investment to build an entertainment complex outside Madrid, the largest of its kind in Europe, with the creation of over 50,000 jobs.

The plans for the 134-hectare piazza dubbed ‘Live! Resorts Madrid’ and comprising dining, shopping and hotel facilities were unveiled at a press conference in Madrid on Thursday.

In 2013, U.S. casino operator Las Vegas Sands (LVS.N) abandoned plans for a $3 billion gambling resort ‘Eurovegas’ in Madrid after the government refused to concede on demands like lifting a nationwide smoking ban inside the complex.

Chief Executive Officer of The Cordish Companies unit Cordish Global Gaming, Joseph Weinberg, assured reporters on Thursday the project would not ask for any subsidies or legislative changes.

The proposal needs the go-ahead from Madrid’s regional government which was not immediately available to comment on Thursday.

If approved, the resort would take up to two years to complete and would generate up to 6 billion euros in its first five years of operation, the developer said.

Editing by Sonya Dowsett and Elaine Hardcastle

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