Uruguay Opens $22M Paysandú Casino Resort

Uruguay is joining Latin America’s gaming industry as a major economic engine. The country has four casinos and many gaming halls, but that will soon change.

On December 28, Uruguayan President Luis Lacalle Pou authorized a hotel project in Paysandú. Argentine investors will finance the $22 million property.

The resort will have a casino, “upper-class” hotel, convention center, and eateries. Its opening date is unknown.

Government Supports Casino Expansion

The clearance process was run by the Ministry of Economy, Finance, and Tourism. Their technical analyses of the project’s potential were backed up by Pou’s decision.

The Ministries of Transportation and Public Works did studies on the project and found that there were no problems with it. Nicolas Olivera, the mayor of Paysand, said that even though there was a lot of government red tape, the president gave his approval in “record time.”

Olivera noticed how fast and secretive the national government was. After spending a year talking to Argentine investors about it, he helped get it approved.

In addition, Olivera said that investors could feel safe moving forward if they were given permission. They have a plan for the project, which should make things go faster.

The project was started by Arena Paysand, which has a casino license in Uruguay. Before building can start, all of the technical details must be worked out.

Concessions to companies that build and develop. Infrastructure, more work, and buildings are all things that are needed. For improvements, the government plans to spend $60 million.

The country recently gave its OK to two casinos. A casino in Punta del Este was given the green light a week before Paysand was.

Tourism Is Profitable

According to Reuters, tourism earned $8.35 trillion in 2022. Pre-COVID-19, it was worth $9 trillion. This year, economists predict the business to be valued about $10 trillion.

Moreover, Uruguay hopes casinos will profit on that expansion. Paysandú’s new casino joined Nogaró, Piriápolis, Rivera, and Victoria Plaza after a 2021 parliamentary directive. Sofitel Montevideo Casino Carrasco & Spa and Enjoy Punta del Este Casino & Resort are two more private casinos.

Uruguay’s tourism market is small but rising. Statista estimates it was worth $225 million last year and will grow 5% annually over the next several years.

The economy will benefit from more than land-based gambling. Online gaming is likewise pushed via the bureaucracy. However, that will be discussed later this year.