Cabinet approves sale of land for casino resort construction
The Cabinet has given the Urban Development Corporation (UDC) the approval to sell lands in Montego Bay, James to Celebration Jamaica Development Limited; the company pursuing Jamaica’s first integrated casino resort.
The 96-and-a-half acres of land at Success Estate is valued at US$40.1 million.
Celebration Jamaica, under its approved developer licence, is required to build a property consisting of one or more hotels with an aggregate of 2,000 rooms and a casino.
The purchase of the lands from UDC will facilitate the company meeting this requirement.
Celebration Jamaica was to begin construction of the integrated resort in May but did not go ahead because it had not yet secured the land for resort.
In June, Celebration Jamaica's acting Chief Executive Officer Markus Deutsch told The Gleaner Business that the company expects to start construction in January 2017, subject to approval of permits by the National Environment and Planning Agency and the St James Parish Council.
At that time, Celebration Jamaica said phase one of its development is estimated at US$500 million.