Antigua Recovering from US Online Gambling Shred

Published Sunday, November 30, 2014 -
Antigua Recovering from US Online Gambling Shred

The tiny island group in the heart of the Caribbean called Antigua and Barbuda is getting another reason to feel their economic situation is solid with the addition of a new five star resort. It was reported recently by online gambling tycoon Calvin Ayre’s web location that James Packer the magnate from Australia and the well known actor from American Robert De Niro will open a five star resort on Barbuda.

Antigua is the home of many famous people including a slew of international stars in music fashion and movies. Antigua was also home of some of the first online gambling companies that were shredded by the US policies prohibiting financial transactions for online gambling in 2006. The World Trade Organization awarded Antigua compensation for the violation to the Agreement by the USA but the island has not recovered that money. Tourism dominates the economy, accounting for more than half of the Gross Domestic Product. Weak tourist activity since early 2000 has slowed the economy, along with other blows such as the collapse of the Antigua-based Stanford International Bank, owned by Texas billionaire Allen Stanford.

Prime Minister Gaston Browne announced recently that a memorandum of agreement had been signed by the two famous individuals to invest over $250m to revamp and expand the shuttered K-Club on Barbuda that will operate under the Paradise Found brand. The intent is to turn up the luxury in the K-Club and make an exclusive five-star resort so far there has been no mention of a casino.

Mr.De Niro was appointed as a Special Economic Envoy of Antigua and Barbuda. Prime Minister Browne said he believed Robert De Niro’s “celebrity status will attract more American celebrities to Antigua and Barbuda and the Caribbean.”  

De Niro already has extensive business ties with Packer’s Melco Crown Entertainment joint venture. All and all this is more good news for Antigua and Barbuda which has been attracting a lot of international investment recently.



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