INSIGHT JAMAICA
Dr. Clarke said that the newly amended casino would have a huge impact on the local economy. “The amendments which the Government has made to the
requirements to be fulfilled by a prospective developer of an
approved integrated resort development are meant to
enhance the regime and to strengthen its appeal to potential investors and by so doing, to attract and increase foreign
direct investment to Jamaica,” he said.
recommendations in the COVID- 19 Economic Recovery Task Force, which I chaired last year, was to promulgate amendments to the Casino Gaming legislation that will deliver results in the form of investments and jobs,” he said.
Dr. Clarke said that the newly amended casino would have a huge impact on the local economy. “Te amendments which the Government has made to the requirements to be fulfilled by a prospective developer of an approved integrated resort development are meant to enhance the regime and to strengthen its appeal to potential investors and by so doing, to attract and increase foreign direct investment to Jamaica,” he said.
In October 2021 Te Ministry of Finance began accepting applications for casino gaming resort development orders, and opened Requests for Applications.
FUTURE LICENCES
Since then there have been a number of reports linking casinos to hotel properties but no licenses have been granted as yet. All the same it is looking increasingly likely that licences will be granted soon.
In November 2022 Bartlett said the Princess Hotels & Resorts property, now under construction in Negril in the parish of Hanover could well be granted the first casino license. Princess Hotels & Resorts plans to construct a 2,000 room beach resort at a cost of at least $500m.
Tree casinos licenses could be granted in all. One of these licenses could go to the Hard Rock chain. Construction has yet to begin for the $800m investment but the Hard Rock Hotel, Montego Bay, Jamaica will be an All- Inclusive Resort and will be
situated with in the St. James Parish if it goes ahead.
In addition to these two newer projects the Harmonisation project is still very much on the cards as well. According to local press, as it currently stands the project is now a 50-50 venture that will see each partner investing US$25m. Te government’s interest is represented by Harmonisation Limited, which is still made up of the Development Bank of Jamaica Limited and the National Housing Trust. Te other partner in the joint venture is still Tavistock Jamaica Inc a Bahamas-based private investment organisation.
In June 2022 Clarke confirmed that the project was still on track despite having faced many delays. Located on Jamaica's northern coast, Harmony Cove will be a 2,325-acre oceanfront resort once built. According to the latest plans it will consist of a hotel, casino,
convention and entertainment centres, and restaurants and could come in at a cost of around US$7.5bn.
Te outlook for Jamaica looked pretty dark during COVID-19. However with tourism on the rise and a much more realistic approach to the industry from lawmakers, we could witness the construction of some of the most exciting casino properties in the world over the coming years. Indeed it is only a matter of time before the government issues its first casino license meaning a huge investment and a further much needed boost for the island.
WIRE / PULSE / INSIGHT / REPORTS P131
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