The call is made from the private initiative presented at the beginning of the year by the firm Fosara SA (Cipriani group), to operate a new private casino in the Cipriani Ocean Resort & Club Residences Punta del Este complex, which is planned to be built in the place that until a few months ago was occupied by the traditional San Rafael hotel.
In June of this year, the Executive Power accepted the initiative of that business group, and in October the feasibility studies were approved. Now the bidding process has begun, which is open to other potential stakeholders and whose offers may be submitted until January 20.
In the bases of the call it is established that the amount to be invested in the construction of the new luxury hotel must be equal to or more than US$ 160 million, without considering the value of the land where the infrastructure is based.
In addition, as consideration, the bidder must commit to pay the State in the event that an annual fee is awarded, which will consist of a percentage of the casino's gross income and a minimum annual amount.
The minimum annual amount payable will be US$ 7.8 million the first year, with an annual increase of US$ 100 thousand until 2026 inclusive. After that date the annual floor will be a fixed value that the bidder must propose in its economic proposal and that must be equivalent to or more than US$ 8.4 million.
The concession to exploit the casino license will be granted for a period of 20 years from the end of the works and commissioning of the hotel and casino.
Source: El Observador (Uruguay)
