Cordish Intensifies Its Commitment To Its Mega Project In Madrid

21 March 2017 – Expansión

The implementation of a waste plant next to the site and a request for more information from the Community of Madrid have not deterred the US group Cordish in its plans to invest €2,000 million on the construction of the largest tourist and leisure complex in Europe.

Last December, Cordish, a US group with operations in the urban planning, health and leisure resorts business, unveiled its plans for a mega real estate project in Madrid, which includes 2,700 hotel rooms, 100,000 m2 of retail space, three conference centres, cinemas and a leisure space with casino.

With a view to its implementation, Cordish has signed agreements to buy land in the area (up to 134 hectares). (…).

In parallel, Cordish is working with the Community of Madrid on a process that will allow it to be awarded the contract to build this project. Although the idea came from the US group, given that it has constructed similar tourist complexes in several cities in the USA, the regional Government is obliged to put its construction out to public tender, even though, it is likely that only Cordish will submit a bid. (…).

Recycling plant

(…). Weeks after the plans were submitted, approval was given for the opening of a new waste treatment plant, measuring 507,000 m2, between the towns of Torrejón de Ardoz, Loeches and Torres de la Alameda, which is exactly where the macro-complex was going to be located.

Nevertheless, Cordish considers that its plans for Live! Resort Madrid are “completely compatible” with the new plant.

“This recycling plant will be equipped with the latest technology and will be located 2 km from the edge of the leisure complex and on the other side of the AVE train tracks. In fact, Cordish understands that this plant is going to be the solution to the historical problem facing the Community of Madrid in terms of waste management and considers that both projects can co-exist and will even be beneficial for each other”, explain sources at the company.

During its initial phase, Life! Resorts Madrid will invest around €500 million. This first phase will be focused around a central square, where a hotel will be built, a convention centre and “probably” the gaming area.

In total, Cordish expects to spend around €2,200 million in Madrid, although that figure could increase to €3,000 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Wang Jianlin Plans To Invest €3,000m In Macro-Complex In Madrid

22 January 2015 – Expansión

Following his investment in Atlético de Madrid, the Chinese tycoon, owner of the Edificio España, is studying the possibility of building a residential and tourist complex that would also include casinos. He is considering two locations: Campamento and Venta de la Rubia.

Yesterday, for the first time, the Chinese businessman, Wang Jianlin (pictured), owner of the conglomerate Wanda Group, confirmed his plans for the creation of a residential and leisure macro-complex in Madrid. “We have already had a meeting with the Spanish President and it is now up to Spain to take a decision”, said Wang in China, after signing an agreement to acquire 20% of the Atlético de Madrid football club.

The objective of Wang Jianlin, who has assets of more than $13,200 million, according to the most recent Forbes ranking, is to invest at least €3,000 million in the creation of an upmarket complex that would include up to 15,000 luxury homes. The development would also house leisure areas, such as a retail complex, theme parks and casinos. In fact, Jianlin has already hired the project’s creator from the gaming magnate Sheldon Adelson in Macau, say sources close to the entrepreneur.


In terms of the location of the macro-complex, Wang Jianlin and his team have two options. On the one hand, the site in Venta de la Rubia, in Alcorcón, where Sheldon Adelson was going to build the failed Eurovegas project. On the other hand, an old barracks site in Campamento, in Madrid, which is currently owned by the Ministry of Defence.

In favour of the former are its location, close to Madrid’s tourist attractions, such as the Royal Palace, and crucially, the fact that it has a single owner, the central Government, which would massively simplify future negotiations regarding construction. Against, is the price that Jianlin would have to pay for the site, which covers almost 9 million square metres, and the fact that a development plan already exists and modifications to it may delay construction.

The second option, in Venta de la Rubia, is close to Santander’s business park, as well as to the land where Atlético de Madrid plans to build its new sports facilities; in addition, Wang would be allowed to create a tailor-made development plan for the site. Furthermore, the owners of the land, who are united through a Compensation Board and which include companies such as Metrovacesa and the Urtinsa group, would be willing to hand over some of the land for free – something they already offered to Adelson, according to real estate sources – since the rest would be re-valued.

Regardless of the location that Wang Jianlin and his team finally choose, the construction of this macro-complex would revitalise this area to the south-west of the capital. “The goal is to convert the Paseo de Extremadura into the new Castellana, and develop the whole of the surrounding area through the Jianlin complex”, explain sources close to the businessman.

“He is keen to start very soon”, said Enrique Cerezo, President of Atlético de Madrid, yesterday. Mr Cerezo has acted as a guide to Jianlin during his visits to Madrid. Yesterday, the President of the Community of Madrid, Ignacio González said that  “The regional government is “fully” committed”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Catalonia, La Caixa Rush to Save BCN World As Veremonte Leaves

15/12/2014 – ExpansionPro

Generalitat, the regional authority of Catalonia, decided to save the gaming and entertainment project of BCN World, set to be constructed adjacently to the Port Aventura park in Villa-seca and Salou, Tarragona. Businessman Enrique Bañuelos and his group Veremonte stepped down from their position as the main developers. Now, Catalonia will buy the land which belongs to La Caixa’s holding Criteria.

As the buying deadline for Veremonte passed last week and the group did not pay the pledged 377 million euro amount, a new agreement with the entity was signed. The underlying plots of 190 hectares in total are destined for construction of hotels and casinos inside the BCN World. The local government is going to pay 100 million euros for them, not immediately though. It will dispose of a purchase option to execute within 18 months, i.e. from January 2015 to June 2016.

Four groups obtained licenses to operate in the complex: Chinese Melco, U.S. Hard Rock, Veremonte and Grupo Perelada, a local casino leader. Also, Value Retail, Meliá and Caesars are involved in the project.

Generalitat will seal the deal through public company Incasol, in exchange for a license and the land. It is said that once the complex running, the Catalan authority may earn 300 million euros.

In turn, the entity chaired by Isidro Faine is going to keep the residential part of the BCN World and develop it through its affiliate Mediterranean Beach & Golf. Generalitat would intend 250.000 square meters for the dwelling units and 10.000 sqm for the retail area.

Veremonte justifies its decision to withdraw with the fact that Catalonia failed to finish its Town Planning Project for the BCN World on time, i.e. before the deadline, which was essential for starting the building works.

‘No matter what the company does, the BCN World will be constructed’, said the head of Generalitat, Andreu Mas-Collel. He sees a great potential in the project, given both interest of the casino operators and general good it may do to the Catalan economy. Recently, the project’s managers met up to confirm and rectify their intention to continue in the process.


Original story ExpansiónPro (by Sergi Saborit, Jueves 11 diciembre 2014, pp 4)

Translation: AURA REE