{"id":250932,"date":"2023-01-03T07:23:44","date_gmt":"2023-01-03T13:23:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=250932"},"modified":"2023-01-03T13:50:26","modified_gmt":"2023-01-03T19:50:26","slug":"uruguay-to-have-new-22m-casino-resort-in-city-of-paysandu","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/uruguay-to-have-new-22m-casino-resort-in-city-of-paysandu\/","title":{"rendered":"Uruguay to Open New $22M Casino Resort in City of Paysand\u00fa"},"content":{"rendered":"

Latin America\u2019s gaming industry is becoming one of the biggest drivers of the region\u2019s economy, and Uruguay<\/a> is catching on. While there are a number of gambling halls in the country, there are currently just four casinos, though that will soon change.<\/p>\n

\"Uruguay
The president of Uruguay, Luis Lacalle Pou, speaking in a government forum. He recently approved a measure that will bring another casino to the country. (Image: El Pa\u00eds<\/em>)<\/figcaption><\/figure>\n

The President of Uruguay, Luis Lacalle Pou, signed a decree on December 28 that enables the construction of a hotel project in the city of Paysand\u00fa. The property will reportedly cost around $22 million, with financing coming via a group of Argentine investors.<\/p>\n

The resort will have a casino, an “upper-class\u201d hotel, convention center, and restaurants. There is no information on the projected date of its grand opening.<\/p>\n

Government Agencies Support Casino Expansion<\/h2>\n

The Ministries of Economy, Finance, and Tourism reportedly worked in tandem to secure the approval process. They jointly prepared technical studies to verify the potential of the project, which Pou sealed with the signing of the decree.<\/p>\n

The project also required technical studies by the Ministries of Transportation and Public Works, which didn\u2019t uncover any reasons to prevent it from advancing. Despite all of the government red tape, the mayor of Paysand\u00fa, Nicolas Olivera, said the president\u2019s approval was given in \u201crecord time.\u201d<\/strong><\/p>\n

Olivera highlighted in a statement the speed and confidentiality in the actions of the national government. He played a role in its approval as well, having spent the past year making contact with the Argentine investors.<\/p>\n

Olivera stressed that with the approval, the investors can confidently forge ahead with the next phase. They reportedly already have a project design in mind, which should keep everything moving forward quickly.<\/p>\n

\n

The initiative is from local Uruguayan company Arena Paysand\u00fa, which will hold the license for the casino. With all of the different components in place, it\u2019s now time to finalize the technical aspects of the project before construction can begin.<\/p>\n<\/div>\n

That means issuing concessions to construction and development companies. In addition to the buildings, there is also infrastructure and other work needed. The government anticipates it will spend around $60 million to upgrade the area.<\/p>\n

This is the second casino project to find approval in the country recently. About a week before Pou signed off on the Paysand\u00fa resort, a casino in Punta del Este<\/a> received the green light to move forward.<\/p>\n

Tourism Means Big Business<\/h2>\n

Tourism is a massive industry that generated over $8.35 trillion in 2022, according to Reuters. Before the COVID-19 pandemic, it was worth around $9 trillion. Now analysts expect the industry to be worth almost $10 trillion by the end of this year.<\/p>\n

Uruguay wants to capitalize on that growth and expects casinos to help. A legislative order from 2021 paved the way for the new casino in Paysand\u00fa, which will join those in Nogar\u00f3, Piri\u00e1polis, Rivera, and Victoria Plaza. There are additionally two private casinos, located in Sofitel Montevideo Casino Carrasco & Spa and Enjoy Punta del Este Casino & Resort.<\/strong><\/p>\n

Uruguay\u2019s tourism market isn\u2019t the largest, but it\u2019s consistently growing. Last year, it was reportedly worth around $225 million, and the country expects to see 5% growth each year for the next several years, according to Statista.<\/p>\n

Land-based gambling isn\u2019t the only segment that’s expected to help the country\u2019s economy. There is also a push for online gambling, which continues to make its way through the bureaucratic maze. However, the discussion on that will have to wait<\/a> until later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Latin America\u2019s gaming industry is becoming one of the biggest drivers of the region\u2019s economy, and Uruguay is catching on. While there are a number of gambling halls in the country, there are currently just four casinos, though that will soon change. The President of Uruguay, Luis Lacalle Pou, signed a decree on December 28 […]<\/p>\n","protected":false},"author":64,"featured_media":250931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[81884,13],"tags":[13363,81904,52],"acf":[],"yoast_head":"\nUruguay to Open New $22M Casino Resort in City of Paysand\u00fa - Casino.org<\/title>\n<meta name=\"description\" content=\"Latin America\u2019s gaming industry is becoming one of the biggest drivers of the region\u2019s economy, and Uruguay is catching on. 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