Earlier in February, Macau Legend Development Limited broke ground on a new project in Cape Verde. The hotel and casino operator will create a $290 million resort on a plot of land on Santiago Island, the largest of the islands that make up the archipelago. The 1.6 million square foot site is in Praia, the capital of the country. This is a fantastic location because it means visitors will be able to either fly into the international airport or sail into the sea port.
The project will be another huge step in the growth of Cape Verde and an additional attraction for tourists. It is expected the project will help to drive tourist numbers up to approximately 2 million per year, a huge increase over the current 600,000. In 2014 it was reported that the existing casinos and resorts in the country contributed an incredible 40% to the Gross Domestic Product (GDP) of the whole nation.
The project comes with some very interesting terms. The Cape Verde Government will offer a 75 year concession on the land for the resort and issue a 25 year gaming licence for Macau Legend Development subsidiary CV Entertainment Co. The first 15 years of this agreement will be exclusive to Santiago so additional agreements will need to be signed if the company wants to expand to other islands. The company will also have exclusive rights to online gaming and both physical and online sports betting for ten years across the whole nation.
The Cape Verde Government has received a one time premium for granting the gaming license. Macau Legend will have to pay a gaming tax based on the annual gaming revenue the site creates. This is set at 10% of the gross.
The construction of the resort is expected to take around three years to complete. The site will feature a cutting edge gaming facility, a marina, convention centre, retail space and offices too. A ground breaking ceremony was held earlier in the month to commemorate the start of the project. It was attended by the Prime Minister of Cape Verde Jose Maria Neves and the CEO of Macau Legend David Chow.
The construction of the new resort could transform Cape Verde into an even more popular holiday destination. If you are interested in taking a trip to this stunning and unique part of the world, just get in touch with us and we will put together the perfect holiday package for you. We focus exclusively on Cape Verde tourism and are ready to arrange your dream trip.
