February 17, 2016

Macau Legend breaks ground on casino in Cape Verde

Macau Legend Development has begun construction of a US$ 272m casino complex in Praia, capital of the picturesque islands of Cape Verde. Local government seeks to increase the number of tourists visiting the country from 600,000 per year to more than 2 million and believes the new resort will help boost tourism figures.

Cape Verde PraiaThe island located in Western Africa is set to feature a 152,700 square-meter integrated resort and casino along with facilities such as function areas, a marina, a convention center, retail outlets, and an array of restaurants once the complex is complete. The entire task is thought to take up to three years to complete.

David Chow, Macau Legend Co-Chariman, Executive Director and Chief Executive Officer, laid the first stone during a ceremony to start the construction process. Chow spoke highly of Cape Verde and explained why his company has chosen this location to invest.

“Cape Verde is a Portuguese-speaking country that enjoys political stability, beautiful scenery and pleasant climate with convenient transportation network,” Chow said. “Tourism is the country’s core industry. In 2014, the tourism industry accounted for 22pc of its local GDP and is growing steadily. Cape Verde currently has four international airports; the largest one is in the capital city, Praia, which is also where our project is located.

First casino was built in the island in May 2013, when new gaming laws came into force that allowed casinos to be built on the islands of Boa Vista, Maoi, Sal, Santiago, and Sao Vicente. A US$ 5,45m Casino Royal opened on the premises of the Hilton in Santa Maria on Sal island.

This new complex is set to receive 15 years of tax relief and concessions, and a deal struck gives Macau Legend exclusive nationwide rights to online gaming, online sports betting, and physical sports betting for 10 years.

Chow believes that thank to its location the project will be able to attract tourists from North Africa, West Africa, Europe, South America, Central America and the Caribbean, creating a new market.

“Especially with the trend that more and more Chinese are emigrating and investing in these places and this saves them from flying long to Asia,” added Chow. “The project is also a first choice for short-term vacation, which will be comparable with Bali and Phuket and other world class tourist destinations.”

No comments:

Post a Comment