Enterprise Team Recommends Award of Integrated Resort Development Licence

A licence for integrated resort development (IRD) is to be awarded to one successful applicant based on the recommendation of the Enterprise Team overseeing the process.

Two applications were received for the two exclusive zones that were on offer.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, made the disclosure during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House of Representatives, whose members are deliberating the 2023/24 Estimates of Expenditure.

He said the Enterprise Team has recommended that the other applicant be given sufficient time to respond to some of the queries from the team.

The Minister said he will share details about the successful applicant during his presentation in the 2023/24 Budget Debate, which commences at Gordon House on March 7.

An integrated resort development must have a minimum of 1,000 hotel rooms, of which 500 must be luxury rooms.
Additionally, the development must have a minimum capital investment of US$500 million.

The Enterprise Team was established to receive and process applications, undertake due diligence, and make recommendations regarding the award of licences.

The concept of integrated resort development was introduced by the Government in consideration of further expanding the tourism product.

These luxury resort developments include, but are not limited to, hotels, villas, sporting and recreational facilities, shopping centres and casino gaming.