Jamaica gets closer to establishing casinos

The process of establishing casinos in Jamaica has taken a significant step forward, with the granting of related development approvals to two companies according to Finance Minister Dr. Peter Phillips.

Dr. Phillips, in a national broadcast on Tuesday evening, announced that the Jamaican Cabinet has given approval for Provisional Development Orders to be issued to Harmony Cove Limited and Celebration Jamaica Development Limited as Approved Integrated Resort Developers.

Both of these companies will be expected to build major resorts, with casinos being integral components of the services they will provide. 

For the Harmony Cove development, in the north western parish of Trelawny, Dr. Phillips said the total estimated cost for Phase 1 is projected at US$970 million, "with annual job creation forecast at 1,237 direct jobs during construction and 2,706 direct full time equivalent jobs once operations commence."

Phase one of Celebration Jamaica Development Limited's project (in St. James) will cost approximately  US$500 million, and will employ more than 2,400 workers, he said.  

He added that each of these projects, under the terms of the order, will be required to start construction by the middle of next year, "and to ultimately construct 2000 hotel rooms each."

Dr. Phillips updated the nation on these two projects, as he sought to give assurance that the sacrifices being made under the current IMF agreement, will shortly yield significant economic benefits through new investments and growth.

"We confidently expect that this will lead to a strengthening of the tourism industry’s competitiveness and the bolstering of economic development through job creation, increased tax revenue and additional demand for locally produced goods and services," he said, in relation to the Integrated Resort Development thrust.