Jamaica launches application process to develop integrated resorts
he Government of Jamaica announced that the process for interested investors to submit Integrated Complex Development (IRD) proposals has started. Requests for the operation of the approved IRD have been open since Wednesday October 6, as the government strengthens its strategies for attract investment in casino games in the countryside.
Minister of Finance and Civil Service, Nigel Clarke explained that under the Casino Gambling Act, the Minister in charge of Finance can issue an order declaring the approval of an integrated resort development.
“This will allow the developer to then file an application with the Casino Gaming Commission for a license under the law to operate a casino at this resort complex,” he said in a statement to the House. representatives on Tuesday, October 5. .
The law on casino games was passed by the Houses of Parliament in March 2010 and entered into force in June 2010 to facilitate Jamaica’s entry into the casino gaming industry and subsequent regulation.
One of the main objectives of the Act is to encourage the establishment of integrated resorts, which consists of a mix of various tourist amenities and facilities in the same area including, but not limited to hotels, hotel rooms, villas, casino, attractions, sports facilities, entertainment facilities, service centers and shopping centers.
Clarke noted that the changes, which were made to the casino gaming law earlier this year to change the requirements for the designation of an integrated resort, are “Aimed to improve the regime and make it more attractive to potential investors, and in so doing, attract and increase foreign direct investment (FDI) in Jamaica.”
” For the moment, there is no operating casino in Jamaica despite the fact that we have had this legislation since 2010. It is our intention, with the initiation of this process, that Jamaica will eventually have a casino gaming complex, and it is also our intention to attract hundreds of millions, if not billions of dollars of investment in Jamaica via this means, ”he said.
He pointed out that changes to the requirements to be designated as an integrated resort include the establishment of 1,000 hotel rooms, which has been reduced from the previous requirement of 2,000 rooms; that five hundred of the rooms built must be designed and implemented as luxury rooms; and there is a minimum capital investment for an integrated resort development of US $ 500 million.
In addition, another important change included is that all elements of the approved integrated complex development must be built and operational within three years of the start of the operation of any casino activity on the development, and that the non- compliance will result in a penalty, “he said.
Waiting for, Clarke advised that the application process and selection of approved integrated resort developments will be managed by a 10 member corporate team., chaired by Dr Dana Dixon, which he named last month.
Application documents and a summary of the key specifications of the tender can be obtained from the website of the Ministry of Finance and Planning at www.mof.gov.jm.