MADRID, March 24 The city of Madrid on Friday
turned down an offer from U.S. real estate developer Cordish
Companies to build a 2.2 billion euro ($2.3 billion)
entertainment complex in the Spanish capital.
The 134-hectare piazza dubbed 'Live! Resorts Madrid' and
comprising dining, shopping and hotel facilities would have been
the largest of its kind in Europe, with the creation of over
The regional government, however, ruled that it would have
cost 340 million euros of public money to build the needed
infrastructure around the complex, while the economic viability
of the project was not certain.
It is the second time a project of this kind has failed to
come to fruition in the Spanish capital.
In 2013, U.S. casino operator Las Vegas Sands
abandoned plans for a $3 billion gambling resort 'Eurovegas'
after the government refused to give ground on certain demands,
such as lifting a nationwide smoking ban inside the complex.
(Reporting by Jose Elias Rodriguez, writing by Julien Toyer;
Editing by Toby Davis)