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Land-BasedLegal & Regulatory

Madrid Live! IR application rejected for a second time

Cord

spain
ish Gaming’s second application for the right to build a $2.2bn integrated casino resort (IR) in the Spanish capital was rejected by the Community of Madrid on Friday.

Spanish news outlet El Confidencial reported that US-based Cordish Gaming were said to be in “shock” and that they would seek legal remedy in response.

The company’s proposal to build a macro-complex in Torres de la Alameda, Madrid, was reportedly 500 pages in length, while the original proposal rejected in March 2017 was said to have “met all the requirements for a CID (IR) license.”

On Saturday, Cordish issued a statement expressing frustration at having learned of the latest rejection through media reports rather than through official channels.

Moreover, Cordish stated it “would vigorously pursue the exercise of all legal actions that may be in defence of their legitimate interests against the regional government and the responsible persons concerned.”

The project was slated to occupy over 225 acres of land near the Adolfo Suárez Madrid–Barajas airport.

Only one Integrated Development Centre (CID) can be approved in any ten-year period because of the broad scope of such a project, including land use and tax issues.

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