This place is legit! I am a long time flamenco student and my teacher recommended this place as it…read moreis one of the most highly regarded tablaos in Madrid.
Came here for the 10:30pm flamenco show, having reserved online a few days in advance. 40 euros gets you in to the show and includes 1 drink. It may seem a bit pricey (there are cheaper options in the city for sure), but it is 100% worth it if you want to see authentic flamenco in an intimate space. The seating area is not huge, but best of all, seats are kind of on an angle. So even if you are near the back, you can see the footwork. This is really great, because so many flamenco tablaos I went to in Andalucia were really cramped and basically if you are not in the front few tables, you cannot see any of the dancers' feet.
Anyways, the calendar on the website will tell you who is dancing and who is performing on guitar and cante (singing). They get a lot of excellent artists here. The performance had one intermission and went until ~midnight.
The dining area is at the front and the stage and performance space are in a smaller separate room in the back. Servers bring the drinks to you so you don't have to get up to go to the bar. Like many places in Spain, once you sit down you get a little bowl of nibbles, such as nuts.
Overall, an incredible and moving experience with top notch performers. Plus, the location is very central, just a few blocks from Puerta del Sol. Because of the location perhaps, there will be a fair number of foreigners in the audience, but rest assured that what you are seeing here is the real deal.