Work has already begun with the hydraulic filling on San Francisco Island on the Paraguay River. The investment envisaged for the new complex stands at around US$150 million and includes the construction of a five-star hotel, including a convention centre for 2,000 people, restaurants, a casino, luxury shops and an amusement park.
American company Vimerica Development will invest in the project via its subsidiary Vimerica SA along with local and foreign investors including Paul Steelman, majority shareholder and CEO of Steelman Partners, an industry-leading architectural firm and has designed over 4,000 casinos and integrated resort designs around the world and specialises in designing entertainment based projects.
Vimerica estimate that the construction phase of the complex will be developed over 30 months during which time they will employ 5,000 people directly and indirectly. Once the entire entertainment complex is operational, they believe that it will involve the hiring of some 1,400 staff.
The casino will contribute about US$10 million per year to the gaming board (CONAJZAR), through the payment of a 7% concession fee on the profits (income minus prizes) during the 25 year duration of the license, the company said.
The island of San Francisco is located in the centre of Paraguay and is an ecological reserve that measures 15 kilometres long by 5 meters wide and constitutes a part of the city of Limpio located in the north of the Central Department.
Source: GMB / G3 Newswire
