US gaming magnate (and friend of Trump) to build MASSIVE entertainment complex in Madrid

Cordish Companies unveiled plans for a €2.2 billion ($2.3 billion) investment outside Madrid on Thursday with a project that is expected to create over 50,000 jobs.

US gaming magnate (and friend of Trump) to build MASSIVE entertainment complex in Madrid
The massive resort is planned for the east of Madrid. Photo: Cordish

The entertainment complex stretching across a site of 134 hectares ((330 acres) will include casinos, cinemas and luxury hotels providing 2,700 rooms. It will also house a massive shopping mall and convention centre.

The plans for Live! Resorts Madrid were unveiled in a press conference in Madrid on Thursday morning claiming it would generate 56,433 jobs and bring in between €4bln – €6 bln to the region within the first five years.

Located in Torres de la Alameda, near Madrid’s airport, it will be the first complex of its kind in Europe.

But it is not the first time such a project has been planned for Madrid.

Sheldon G. Adelson, the American billionaire casino magnate behind Las Vegas Sands, had grand plans to open a €25 bn ($30bn) mega-resort on the same site.

Dubbed Eurovegas, by the Spanish press it was to include 12 hotels, six casinos as well as a conference centre, golf course, cinemas and shopping malls and was forecast to create 250,000 jobs.

But the project folded in 2013 after the Spanish government refused to accept his demands for financial concessions and an exemption from a nationwide ban on smoking in public spaces.

But a spokesman for Cordish was at pains to point out that Live! Resorts Madrid was very different from the failed Eurovegas plans.

“Our approach is not to create a Vegas-style environment,” said Abe Rosenthal, the company's executive vice-president for development.

“It is a project that is very different from others that have been raised in the past. It contains a small element of gaming, but the concept is completely different from those raised in the past,” said Joseph Weinberg a partner at Cordish Companies, at the press conference.

He added that the project was not looking for subsidies or any change in legislation.

“We work closely with local people and do not believe that this project will generate opposition because we will work with local companies in the construction and when it is up and running,” said Weinberg.

“We believe there is a very strong possibility that we will increase theinvestment to the three-billion-euro range by adding more hotel and congress space over time,” he added.

The company filed a request for a licence for the projectwith the regional government of Madrid on Wednesday and it expects a reply within five to six months, he added.

The Cordish Companies is a family firm with its headquarters in Baltimore, Maryland that has developed real estate and leisure districts in several cities across the US, including Baltimore,Philadelphia and Atlantic City.

CEO David Cordish, whose grandfather founded the company in 1910, is a close ally of Donald Trump and introduced him at a fundraising dinner in Maryland in June, 2015.



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REVEALED: The cheapest most in-demand areas in Spain to buy a house

If you're considering making the move and buying property in Spain, but don't fancy purchasing in a rural village in the middle of nowhere, you should know where the cheapest, most in-demand parts of the country are.

REVEALED: The cheapest most in-demand areas in Spain to buy a house

If you’re thinking about relocating, Spain is a fantastic place to do it. Foreigners have been moving to Spain for decades, not only for its fantastic food and weather, along with a laid-back lifestyle, but housing is generally affordable – if you know where to look.

Though the rise in the Euribor has sent interest rates spiking, house prices in Spain are expected to flatten somewhat in 2023 and it could be a good year to find a bargain, depending on your financial situation.

Knowing what type of house you want and where in Spain you want to live is one thing, but knowing the cheapest, yet most in-demand parts of the country could really help you narrow down your search.

Fortunately, Spain’s leading property website Idealista has put together a list of the most ‘in demand’ municipalities of Spain and where you can find the most expensive and, more importantly for the house hunters among us, the cheapest municipalities of Spain to buy property.

It’s based on data from the last quarter of 2022 and is the average price of housing in towns with more than 1,300 sale announcements and costs valued at more than €1,100 per square metre. 

You can find the ten cheapest areas of Spain to buy property by average price below, but it’s worth noting that Idealista did these rankings by average price across the entire municipality, so there are likely individual towns and villages dotted around Spain where prices are significantly lower.

That said, this list gives you a good idea of the areas to look out for.

READ ALSO:  What will happen with property prices in Spain in 2023?

The 10 cheapest municipalities in Spain to buy property 

Santa Pola (Alicante) – Santa Pola, in the Alicante province, is the cheapest most in-demand municipality to buy a house, according to Idealista’s rankings. The average price for a house in Santa Pola costs just €151,796, though this may come as a surprise given its prime location in a foreign hotspot on the sought-after Costa Blanca. The main town of Santa Pola itself is a small beachfront community with a population of around 35,000. It also has a large foreign population and is a short drive or bus away from both Alicante and Elche.

Ourense (Galicia) – Next on the list is Ourense in Galicia where the average price is €154,941. The municipality is home to several towns and villages, surrounding the main medium-sized town of Ourense itself in southern Galicia. The town has a population of around 105,000 and is a little over an hour’s drive from both Santiago de Compostela and the coastal city of Pontevedra.

Oviedo (Asturias) – Third on the list is the municipality of Oviedo where you’ll pay an average of €154,968 for a property. Another area in northern Spain, the main city Oviedo itself, which is the capital of Asturias and has a population of 220,000. It sits between Cantabrian mountains and the Bay of Biscay. It’s known for its picturesque medieval old town and impressive architecture. 

Jerez de la Frontera (Cádiz) – Properties cost an average of €155,563 in the municipality of Jerez de la Frontera, or Jerez as it’s commonly referred to. It’s located in the Cádiz province of Andalusia and is a real piece of ‘traditional’ Spain. Jerez city is a decent-sized place with a little over 200,000 people and is known for horses, flamenco dancing and sherry, as well as the Alcázar de Jerez, an 11th-century fortress that harks back to Andalusia’s Moorish past.

READ ALSO: Is it better to buy or rent in Spain right now?

Torrevieja (Alicante) – Another municipality in Alicante and another incredibly popular with foreign homeowners. Properties here go for an average of €155,787. Torrevieja itself has a population of 82,000 and is another coastal town, but also has nature trails and salt plains nearby.

Murcia (Murcia) – Murcia is often overlooked, wedged between Alicante and Andalusia, but you could grab a bargain here with average prices of €157,119. Murcia capital is a bustling city of almost 450,000 people, and is strategically placed for trips to the Costa Blanca, Costa Calida, Costa del Sol, and Costa de Almeria.

Parla (Madrid) – The municipality of Parla lies just 20km south of Madrid and the town of the same name is home to 130,000 residents. It’s a great commuter area for those who work in Getafe or the capital. A house here costs an average of €160,652. 

Salamanca (Castilla y León) – The municipality of Salamanca surrounds the capital of Salamanca in Castilla y León in northwestern Spain. Buying a property in this area costs an average of €162,909. The main city of Salamanca is known for its university, which is the oldest in Spain and dates back to 1218. Understandably, much of Salamanca’s roughly 150,000 residents are students, which gives the town a lively atmosphere.

Burgos (Castilla y León) – Another northwestern Castilla y León municipality, is Burgos has around, where you can buy a house for just €163,164. The city of Burgos has around 180,000 inhabitants and is known for its medieval architecture and grand cathedral. 

Dos Hermanas (Sevilla) – The second most populous municipality in the province of Seville, properties cost an average of €163.274 here. The Andalusian town is just 15km south of Seville, making it great for commuters or those who want plenty of culture nearby.