Two Integrated Resort Development Licences To Be Granted
By: , March 9, 2022
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The Government intends to grant two Integrated Resort Development licences in the upcoming fiscal year, which will represent a combined investment of approximately US$1 billion.
An integrated resort development must have a minimum of 1,000 hotel rooms, of which 500 must be luxury rooms. The development must have a minimum capital investment of US$500 million.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, who made the disclosure, said that in seeking to attract potential investors, the Government issued a Request for Applications (RFA) for approved Integrated Resorts Developments on October 6, 2021.
“We received nine sets of queries from four potential investors seeking clarification on the process,” the Minister informed while opening the 2022/23 Budget Debate on Tuesday (March 8) in the House of Representatives.
Dr. Clarke noted that an enterprise team is in place to manage the RFA process, which will make recommendations for approval.
The deadline for submission of responses to RFAs is March 9.