A giant step forward was taken by the second large-scale casino in Uruguay, as there was a call for an international tender to help fund and secure operations for the new luxury hotel in Punta del Este. This is only five months after Cipriani was confirmed to open a luxury hotel and club in the coastal town according to Calvinayre.com.
Uruguay-looks-to-open-second-large-scale-casino-in-punta-del-esteThe President of Uruguay, Tabaré Vázquez, officially signed a resolution last month seeking to determine the feasibility of opening a new casino. Back in June, the Ministry of Economy and Finance and Tourism issued a positive briefing on this program. Cipriani promised $450 million to develop the new project at that time.
The resort was to be included as part of the San Rafael Hotel, a landmark building in the Tudor style that, due to a lack of care, has become all but useless. The plan was to at least partially restore the hotel to be part of a new resort casino by adding new building structures.
The ministry stated in a statement released at the time that the new project “will include the faithful reconstruction of the emblematic San Rafael Hotel, preserving the original design and complementing it with beautiful residences, restaurants, spa, pools, casino, theater, boutiques, and a serviced beach club. Historic history, modern awareness, and a taste of timeless luxury will provide the most unique experience in Punta del Este. “The coastal town currently has three casinos in service. This will probably mean a tough competition for Cipriani, but none will equal the new project’s size or stature. In addition, the new hotel is expected to have 164 suites, including 70 constructed in the original structure of San Rafael. This should make an incredibly attractive facility hosting 75 table games and at least 550 slot machines as well.
The Ministry of Tourism and Economy will now look for bids from those who want to operate the complex of casinos. The license can only be granted through a bidding process to be initiated by the company’s executive or by another form of a private proposal submitted to the government.
Any bidder on the license is also expected to pay at least $160 million for their investment. They would have to pay the government an annual fee that would be focused on the casino’s total gross profits. The license term would be 20 years, and by January 20 those involved in bidding on the license will submit their application.