Montevideo Council put to sale the documents for the tender process of Hotel Casino Carrasco for a 30-year period. Authorities aim to turn this place in a high-level touristic center, which competes with Hotel Conrad in Punta del Este.
The director de Economic Development of Montevideo, Luis Polakof, remarked that, in the tender process, “the most valuable thing, besides taxes, is the architectural work. A 40% is the architectural work and a 40% is the tax“. „We want a high-level touristic center and that’s why the architecture is so valued“, he said.
Polakof added that the aim is that Hotel Casino Carrasco competes with Conrad“. „But unlike Conrad “Las Vegas style” we want it to be a Mediterranean casino”, that’s why architecture is considered very important.
Companies from France, Spain, Portugal, Brazil, Argentina and US have already showed its interest in the project, reminded Polakof. The company that is to be granted the tender will have to pay an annual fee to the council, comprised by two elements.
The first one is an annual minimum amount of at least USD 596,387 in the first three years and at least USD 1,192,774 from the fourth year on. The second element is a percentage of the profit of the gambling halls, which will be established between the council and the company which is granted the license.
IMM will appoint an Evaluation Committee to study the proposals, which will be comprised by experts with a proven capacity and expertise on the matter. Financial support of the candidates will be assessed by National Corporation for Development, according to an agreement with the council.