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• Building B: Lobby, Offices and 21 Hotel Rooms • Building C: 50 Timeshare Units • Building D: 20 Condos • Building E: 20 Condos • Building F: Existing 20 Hotel Rooms |
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| Friday, March 9, 2007
BEACON HILL-- The more than US $10 million financing from Scotiabank is in place. The construction agreement has been signed with Liccom N.V. and work is moving full speed ahead. The only snag is that Caravanserai Resort is still awaiting its casino license. With the ink dried on the construction agreement and five per cent of the total project cost already paid to the contractor, the resort has met the requirement set out by the Island Council for a casino license. Proof of the project financing and an agreement with the contractor to complete the work in 24 months were submitted to government two weeks ago. The construction agreement was signed by Caravanserai Resort Managing Director Haresh Manek and Andre Sneep of Liccom N.V. Also present at the signing were Resort General Manager Ron Verhaar, Scotiabank Country Manager Elie Bendaly, Project Consultant Chino Lusia of Access Management and Consultants N.V., and Henk van den Heuvel and Hans Hootsmans of Liccom N.V. Putting the final piece of the puzzle in place, Manek signed the construction agreement with Liccom N.V. Thursday morning. The expansion provides for 150 ocean view rooms that will increase the resort’s inventory to 216 rooms, more than the 200 required for a casino license. The resort expansion should be completed in before the start of the 2008-2009 high season. |
Initially, the resort was granted a casino licence after it announced plans for the expansion back in 2004 based on a promise letter. However, Lt. Governor Franklyn Richards sent this Executive Council decision to the governor for annulment on the grounds that the resort did not yet have the required number of rooms as set out in the Rules of the Game casino policy. The matter was also fought out in court, with the Governor’s decision to annul being upheld. The Island Council adopted a motion on October 2, 2006, instructing the Executive Council to issue a permit to Caravanserai for Dunes Casino providing the resort proved its financing was in place and The construction time would not exceed 24 months. Having complied With these requirements, Manek is now awaiting the issuing of the casino license. He said a casino was vital to the operations and revenue generation of the resort. “A casino is a good revenue earner. The rental of the space comes in to help sustain and take care of the resort.” The casino building has already been leased for some time, but no rent is being paid as the casino has not yet been licensed to operate. “During the construction period, there is much business. The casino rental income will help to keep the staff paid and the resort running,” Manek said. (Alita Singh) |
Projects
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