Atlantic City Casino Profits Rose by Almost 20% [...]
Puerto Rico Invites Casino Operators to Move to Caribbean
- July 3, 2014 By Nemanja L. -
Department of Economic Development and Commerce of Puerto Rico is on the lookout for new entertainment opportunities in the country as they plan to develop an exclusive patch of land together with Roosevelt Roads Local Redevelopment Authority.
The two government bodies have invited companies interested in development opportunities at a 3,000-acre plot that used to be a United States Naval station to submit applications, hoping to boost tax revenue and create new jobs for residents of the Caribbean island.
Puerto Rico Expects a $2 Billion Investment
The Roosevelt Roads US Naval base closed back in 2004 and it includes coastline, an airfield and waterfront land. The area is located in the eastern end of the island. Prime coastline is also included in the property, which is likely to make it even more attractive to potential investors.
Executive director of Roosevelt Roads, Malu Blazquez Arsuaga, has suggested that interested parties will be able to benefit from special tax incentives, business oriented environment, skilled workers and the fact the country is under US jurisdiction.
Potential development is expected to create up to 20,000 jobs during a 25-year plan and attract investment of around $2 billion. All bids will be registered by Wednesday, 16 July, while the first meeting and property tour will be held on the following day.
Land-based Casino Operators Likely to Take Notice
The property is set to be split into nine zones, one of which has been reserved for entertainment centres that could include land-based casinos. The main objective of the government agencies is to transform the area into a high-quality tourist destination that will be able to satisfy different types of travellers, with the proximity of El Yungue rainforest and beautiful beaches in Vieques and Culebra expected to help as well.
Easy access by sea and air as well as enticing tax benefits are expected to generate serious interest among investors. The project, believed to be the priority of Puerto Rico Governor Alejandro Garcia Padilla, also involves plans for 20 percent of the residencies to serve as affordable homes for families from the eastern part of the island.
Padilla hopes the latest project will aid his efforts to improve the state’s economy and the long-term plan to help the Caribbean island reach its full potential.