Cape Verde Casino delay due to COVID pandemic
The coronavirus (COVID-19) pandemic is the defining global health crisis of this time and the greatest challenge we have faced since World War II. The pandemic is now much more than a health crisis, stressing every country it touches, it’s now also an unprecedented socio-economic crisis.
Since its emergence in Asia late last year, the virus has spread to every continent except Antarctica. It has the potential to create devastating social, economic, and political effects that will leave deep and long standing scars.
The pandemic has badly affected every sector of the economy, slowing down project development, closing down businesses and hindering new projects from kicking off.
Shockingly, the casino and gambling industry has also been affected by the pandemic, delaying many land-based casinos from opening nor functioning in their full capacity. However, punters have been enjoying online slots such as Deuces Wild Slot pending the full reopening of casinos.
Cape Verde Casino Delayed
A Hong Kong-listed casino operator running properties in Macau, last year, said it planned to open its Cape Verde property sometime this year. However, the company unveiled a new timeline, saying that it would gradually open the complex at the end of 2021.
The government of Cape Verde has said that the COVID-19 pandemic could cause a delay in the completion of a €250 million casino resort currently under development in the capital, Praia. It now seems the project could face a new wave of delays amid the COVID-19 pandemic that has affected the construction of the casino resort and has forced developers to reduce the workforce at the construction site significantly.
Cape Verde Tourism Minister Carlos Santos commented that investors had not shown any sign of willingness to give up on the multi-million tourism scheme. Minister Santos said it is “very good,” as this means “businessmen and investors believe in the country.”
Minister Santos further stated that information circling about the potential delay is very normal and that his ministry has information construction work continues. Still, there has been a slowdown with the pandemic but not a withdrawal.
Casino Project Part of Larger Scheme to Boost International Tourism
It first surfaced that Macau Legend sought permission to build the casino resort in 2015. With an estimated overall investment of €250 million, the project is the largest tourism development scheme in Cape Verde.
Macau Legend signed under an agreement with the government of Cape Verde in the spring of 2019; the developer will build and launch its resort in phases. It has 22 months to complete the first phase, which will cost approximately €90 million.
The complex, when fully completed, will occupy a 152,700-square-meter area in the islet of Santa Maria. It will feature a boutique casino, a 250-room hotel, a swimming pool, and a range of food and beverage facilities, retail space, etc.
A subsidiary of Macau Legend, CV Entertainment Co, has obtained a 25-year gaming license at €1.2 million plus an exclusive 10-year online casino and sports betting license.
The legalization of casino gambling on select islands was part of Cape Verde’s effort to boost international visits from around 600,000 to over 2 million tourists per year over the next decade.
Story by Philip Vamius