Cordish expects 40 % of Madrid revenue to be non-gaming

In May US casino operator Cordish Companies came back with revised plans in its attempts to build a casino resort just outside Madrid with plans to bring a beach to the Spanish capital for the first time. The €2.2 billionn complex in Torres de Alameda would now have a 15 acre manmade lake complete with beach at the centre of its new blueprint.

According to estimates, the entire complex once it is completely up and running in all of its phases will generate €784 million, of which €486.8 million (62 %) will come from gaming. The second source of income will be generated by the 2,200 hotel rooms that it plans to build – €114.6 million in the first year. Restaurants and bars will generate €101.6 million.

The 94,700 square meters of shops will account for €24.5 million, and the entertainment area of the new complex ( theatres, cinemas and concerts), will account for another €24.5 million. Meanwhile business conventions and events will generate €23.7 million while office rental space will account for a further €7.3million.

During the first year of operation, which is planned for 2023, Cordish expects 7.7 million visitors. It is expected that the resort will attract 677,000 tourists who will travel specifically to visit the new resort and who will then stay on in order to explore the region further.

The company has also looked at the gaming demographic in the region and estimates that there are 4.3 million potential players in Madrid while a total of 42 million potential players would arrive via the local airport of Ifema.

Initial investment could reach as much €2.2 billionn and could reach as much as €3 billion if market conditions allow. The project will generate 56,433 new jobs, will drive tourism in the area and generate billions in economic development for the region.