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Genting Group, a Malaysia-based tourism and gambling company, has submitted a massive bid of $164.6 million to obtain the first casino license in Andorra, the tiny mountainous independent principality between Spain and France.
Genting has submitted its bid through its UK unit.
To enter its bid, Genting teamed up with Andorran businessman Marc Giebels van Bekestein, British investor David Gray and Arc Resorts President Mark Vlassopulos. If approved, 70 per cent of the venture will be held by Genting.
Genting has proposed an integrated resort (IR) project for Andorra that would create 400 permanent jobs and 600 temporary construction jobs. The project would offer two floors of private rooms and suites, a spa and a “gastronomy market.”
Genting currently owns 43 licenses in the UK. It operates the Resorts World Birmingham, worth approximately $201.5 million. The Andorra casino resort would be the company’s first on continental Europe.
Other bids have been submitted by France’s Partouche, Barrière, Raineau and Casinos Austria. The winner of the project is expected to be announced by the end of June.
Andorra is on a mission to increase tourism in the area. The regional government enacted legislation two years ago that would allow casino gaming. Licenses would be valid for 20 years and would be contingent upon a minimum investment of $11.7 million (€10 million). Additionally, the Andorra Tourism Board participated in the ITB China event last week. Ctrip International, a Chinese provider of travel services, and the board’s Joaquim Tomas held talks regarding opening new markets and upgraded travel products to increase bilateral cooperation.
Genting was founded in 1965 and is headquartered in Kuala Lumpur, Malaysia. It operates and markets casinos and IRs around the world, including in the Americas, Malaysia, Australia, Singapore, the Philippines and the UK. Its annual revenue is estimated at around $2.23 billion.
Source: calvinayre.com
Source: European Gaming Industry News
