Sun | Oct 2, 2022

Hardrock Casino upsized to US$800m and back on track

Published:Friday | August 19, 2022 | 12:12 AM

The plans for a Hardrock Hotel & Casino development in Jamaica are back on track, with the budget tripling to US$800 million, or about $120 billion, according to an amended annual filing...

The plans for a Hardrock Hotel & Casino development in Jamaica are back on track, with the budget tripling to US$800 million, or about $120 billion, according to an amended annual filing to the US Securities Exchange Commission by the Government of Jamaica.

The amendment changed the project status, but also adjusted the construction costs considerably from US$250 million to US$800 million, making the 1,100-room hotel the largest planned hotel project scheduled for execution within the next five years.

The precise date is to be announced.

In early July, the Financial Gleaner reported that the Hardrock project was on hold, awaiting amendments to the Casino Gaming Act. Although no one would comment for that story, after its publication a government representative reached out to say an adjustment would be made to the SEC filings, and that the report did not sit well with some officials.

Both the original and amended filings stayed clear of whether the developers/owners of the proposed Hardrock hotel would be applying for a casino licence. Jamaica passed laws allowing casino gambling more than a decade ago, but so far none of the prospective investors, over the years, have successfully executed their plans to enter the market.

Jamaica has reported that US$2.5 billion of hotel developments encompassing 8,517 rooms are scheduled for completion between now and 2027.

The largest projects of the 15 expected to come on stream include: Hardrock, at US$800 million and 1,100 rooms; Princess Resort, US$500 million and 2,000 rooms; Viva Wyndham, at US$300 million and 1,000 rooms; Sandals Dunn’s River Golf Resort & Spa, phases one and two, at US$280 million and 510 rooms; and Secrets, at US$210 million and 700 rooms.

steven.jackson@gleanerjm.com