Isle of Man: Viability of new casino is questioned
One thousand copies of the invitation document were printed with more than 300 direct mailings sent out to targeted global hotel, casino and resort operators. An advertisement was also placed in the Financial Times.
Seven expressions of interest were submitted to the government by the January 31 closing date this year. But after each party was asked to answer a key facts questionnaire and make a short presentation, the seven was whittled down to just one - which is understood to be developer Albert Gubay, who secured planning consent in October 2009 to build a casino and three storey aparthotel next to the Mount Murray Hotel and Golf Club in Santon.
Economic Development Minister John Shimmin MHK said: ‘No second licence has been awarded. However, following the expressions of interest process, the department is still working with one operator who is pursuing the viability of a potential second casino. The department looks forward to seeing whether the developer comes forward with a realistic business case.’
Palace Hotel and Casino owner the Sefton Group has warned there is no realistic prospect of two casinos operating profitably.
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