ccording to a report from G3 Newswire, potential operators must be willing to invest $50 million to $70 million in order to have any hope of winning the tender for the new enterprise although the successful bidder is to be rewarded with a 20-year license.
In order to help attract players from the neighboring Brazilian city of Foz Do Iguacu, the new casino is reportedly set to be located inside the current local headquarters of Paraguay’s National Ports Authority at the head of the Friendship Bridge border crossing. The just over 27-acre site is to additionally be required to feature a hotel with 200 to 300 rooms and a swimming pool as well as shops and other entertainment facilities.
Javier Balbuena, President for the Comision Nacional De Juegos De Azar (CONAJZAR) regulator, had allegedly argued that the tender process for the property should be launched as soon as possible due to the looming possibility that the government of Brazil could soon pass new regulations legalizing and regulating casino gaming. This, he argued, could affect the potential willingness of backers to invest although he dismissed claims that the site would be part of a duty-free zone. As such, he reportedly declared that his department expects to begin accepting bids by March “if all goes as planned” while explaining that the 20-year license was necessary “because otherwise we will not find anyone who wants to invest”.
The site for the new casino and hotel development has not been welcomed by all as last year saw a group of trade union officials petition a judge to block the move on grounds that local regulations prohibited further development of the area. However, Balbuena reportedly defended the location by proclaiming that “people have still not realised the benefits that it will bring to the city”.
Balbuena moreover allegedly confirmed that a group hoping to invest at least $70 million in order to bring a Hard Rock Hotel And Casino to the city is to be among the potential bidders as will a number of other foreign firms from as far abroad as the United States and Chile.