The mega project is to be called Live! Resorts Madrid, which will host a conferences center, hotels and leisure facilities.
The US based firm Cordish is planning to build the mega project of 134 hectares in the municipality of Torres de Alameda in Madrid.
The company plans to invest 2,000 to 3,000 million Euros and contribute 56,433 jobs to the Spanish economy.
The Live! Resorts Madrid will have a hotel capacity of 2,000 beds with a possibility to expand to 4,000 in the future, spread over various 4 and 5-star hotels.
The entertainment complex will also host three nightclubs, a circus and a concert hall.
“We believe this is a real win-win for everybody and do not anticipate any opposition,” Weinberg told a Madrid news conference.
“We believe there is a very strong possibility that we will increase the investment to the three-billion-euro range by adding more hotel and congress space over time,” he added.
Previous casino projects such as that of US gaming giant Las Vegas Sands did not go through after facing wide opposition across Spain, and especially the Roman Catholic Church.