International casino companies would be required to comply with updated regulation in order to present a project.
Spain.- The Governing Council of the Community of Madrid has announced earlier this week a new amendment to limit casino development in the Spanish capital city. Cristina Cifuentes, leading of the current administration, revealed during a press conference that the measure has taken effect. The gaming rule sets further condition to install a casino facility in the city.
Companies seeking to develop private real estate projects (such as Cordish’s Live! Resorts Madrid or Eurovegas) will now have to bid for operating permissions in public land, which makes it more difficult to obtain a casino license as the State could further control and reject the international proposals under the law. “The administrative authorisation will be granted through a public bidding process, with the possibility of including as regulators the owners of the affected land,” establishes the last point of the reform approved last Tuesday by Cifuentes.
The Madrid administration introduced the measure after rejecting Cordish’s casino proposal twice, in order to avoid similar projects. Cordish’s 134 hectares in Madrid, where the American company proposed to install a Las Vegas-style gaming facility, were acquired from private sector owners. Cifuentes’ government has finally dismissed Cordish project in Spain, ending the company’s intentions to invest in the country.