According to the terms of the process, which will be available on the State Purchases website until May 30th, interested parties must pay US $10,000 to obtain the contracting terms process for the sale of the properties.
The lands identified with the property numbers 2682 and 2683 have a base price set at 14,020,078 Indexed Units. This figure is converted to Uruguayan pesos based on the exchange rate the day before the public deed for the transfer of ownership. The Unidad Indexada (UI) is a non-monetary unit of account in Uruguay that is adjusted for inflation.
In addition, to ensure the commitment of the bidders, potential operators must establish a bid maintenance guarantee of US$ 500,000, which must be maintained for a minimum of 180 days from the submission of the bid. This guarantee serves as a financial commitment from the bidder to ensure that their offer remains valid.
Once awarded the license the casino operator must pay an annual fee based on a percentage of the casino’s gross revenue, starting at 7.2% for the first five years and increasing to 7.95% from the sixth year onwards.
In addition, there is a minimum annual amount payable starting at US$ 66,000 and increasing annually, reaching a minimum value to be offered in the economic bid, which must be equal to or greater than US$ 90,000 from the sixth year onwards.
Furthermore, bidders must present a detailed investment plan that includes all development phases, from construction to operation, excluding the land purchase value. This budget must specify the investment in the luxury hotel, the casino, and any additional infrastructure, as well as the planned sources of financing.
In addition, the operator must comply with various economic and legal commitments that include resource management, facility maintenance, and compliance with national and international regulations applicable to the operation of hotels and casinos.
The Ministry also stated that “this project not only requires an initial investment and substantial guarantees, but also a continuous commitment through annual payments and revenue management, highlighting the importance and economic impact of the new tourism development in Carmelo.”
In February the government announced that the specifications and the call for tender for the Carmelo Hotel Casino had been approved. The terms and conditions for the tender of the hotel, which is owned by the State, were developed by a commission composed of the Ministries of Tourism and Economy, the Office of Planning and Budget, the National Ports Administration, and the Departmental Government.
Currently, the property is in a dilapidated state. The specifications require that a project be submitted which includes a hotel with a convention hall for 500 people, an events and entertainment hall, a restaurant offering international and local cuisine, a heated swimming pool, over 100 rooms, a 200-meter dock for small boats, and the tender also grants a license to operate a private casino.
Source: G3 Newswire
