Chinese to Invest in Antigua Casino Project

Published Wednesday, June 18, 2014 -
Chinese to Invest in Antigua Casino Project

Antigua and Barbuda are still working on issues relating to the shredding of their online gambling industry by the USA in 2006. The World Trade Organization concluded a long time ago that the States violated the trade agreement with the tiny island nation regarding e commerce. The WTO ruled in favour of Antigua and told the USA to pay the little country a hefty settlement but that has not happened as yet.

Antigua has been busy looking for alternatives to help the country survive in today’s economy. A recent announcement was made stating that the Caribbean nation has signed a deal with a Chinese company to launch a very large integrated resort and casino project.

Antigua’s government revealed it has signed a memorandum of understanding with China’s Yida International Investment Antigua to develop a $740.7m mixed-use tourism project. The resort would be the largest of its kind in the region, larger than the Baha Mar project that is getting ready for a launch in the Bahamas by the end of 2014. The 1,500-acre property on Antigua’s Guiana Island, the Crump Peninsula and a pair of smaller islands. will eventually see a casino, five-star hotels, 1,300 residential units, a conference center, a 27-hole golf course, a marina and a commercial/retail/sports facility.

A new Labor government with Prime Minister Gaston Browne in charge has been working hard to fill the economic gap in Antigua. The old guard United Progressive Party led by Baldwin Spencer was in power for the last ten years until recent elections turned the tables and put in the new administration.  

When announcing the arrangement, Browne said he had “promised the people that my administration would bring the type of investments” that would transform Antigua into “an economic powerhouse.” Steadroy C.O. Benjamin, Attorney General for Antigua and Barbuda said the project will bring a number of jobs and get the Antiguan economy on track once again.

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