The property will reportedly cost around US$22 million, with financing coming via a group of Argentine investors. The resort will have a casino, an “upper-class” hotel, convention center, and restaurants. There is no information on the projected date of its grand opening.
The Ministries of Economy, Finance, and Tourism reportedly worked in tandem to secure the approval process. They jointly prepared technical studies to verify the potential of the project, which Pou sealed with the signing of the decree.
The project also required technical studies by the Ministries of Transportation and Public Works, which didn’t uncover any reasons to prevent it from advancing. Despite all of the government red tape, the mayor of Paysandú, Nicolas Olivera, said the president’s approval was given in “record time.”
Olivera highlighted in a statement the speed and confidentiality in the actions of the national government. He played a role in its approval as well, having spent the past year making contact with the Argentine investors.
Olivera stressed that with the approval, the investors can confidently forge ahead with the next phase. They reportedly already have a project design in mind, which should keep everything moving forward quickly.
The initiative is from local Uruguayan company Arena Paysandú, which will hold the license for the casino. With all of the different components in place, it’s now time to finalize the technical aspects of the project before construction can begin.
That means issuing concessions to construction and development companies. In addition to the buildings, there is also infrastructure and other work needed. The government anticipates it will spend around US$60 million to upgrade the area.
This is the second casino project to find approval in the country recently. About a week before Pou signed off on the Paysandú resort, a casino in Punta del Este received the green light to move forward.
A legislative order from 2021 paved the way for the new casino in Paysandú, which will join those in Nogaró, Piriápolis, Rivera, and Victoria Plaza. There are additionally two private casinos, located in Sofitel Montevideo Casino Carrasco & Spa and Enjoy Punta del Este Casino & Resort.
Source: Casino.org (by Erik Gibbs)
