Investors sought for Cayman casino

The website of a Cayman company has
an advertisement seeking partners for a hotel/condominium development would
have a casino as part of its plans.

The advertisement is placed under
the subsection “Opportunities” on the website of a company called Cayman
Investment Group, whose managing director is Port Authority Chairman Stefan
Baraud.

Under the heading “Hotel/Condo
& Casino” the advertisement states a developer is seeking partners for suitable
investors in creating a hotel/condo development on a proposed site that has
1,200 feet of water front.  The development
would include a par-71 golf course designed by Roy Case and a marina facility.

“Long
term growth objectives of the project would include Cayman’s first casino
license,” the advertisement states.

Other
details of the proposed development are unknown. 

Contacted
for comment, Mr. Baraud said the Cayman Investment Group website had been
online since 2006.

“That
particular piece has been up there since 2007, so I’m not sure why this is an
issue now,” he said.

Gambling
is not currently legal in the Cayman Islands. The idea of a national lottery
has been discussed recently as a way of increasing government revenues.  However, as recently as Monday Premier
McKeeva Bush said the establishment of a national lottery would have to be
approved by a referendum.  Mr. Bush has
not publicly discussed a possibility of a casino.

The
Cayman Investment Group website also list several other investment
opportunities including a six-storey development, a cruise ship home port, and a
medical spa that would provide non-invasive cosmetic
procedures to “discerning visitors on vacation” and affluent residents.

“One of Cayman’s premier luxury
brand hotels and day spa have expressed an interest and are ready to promote
the service within their property,” the advertisement states.

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8 COMMENTS

  1. If done properly, perhaps using the old movie theater for start. This would be a simple way of making some $$$$
    and add a night life the island needs. Lots of jobs for locals, that would provide good training if they wished to go into real world. There is all ready widespread gambling on island.

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  2. This is too ridiculous for words! How many failed development ideas including casinos have been projected for the Cayman Islands? I can name several on the Brac that have ended miserably. The way for the Brac to take a premier place in tourism industry in these islands and in the Caribbean (which we have been hoping for for decades) is to allow/permit a casino (or casinos, plural) only for Cayman Brac, with a certain percentage of profits to be returned to CI Gov’t. Then watch the economy here take off!

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  3. One reason that people come to the Cayman Islands to vacation, invest and live is specifically that there are no casinos. Casinos are not the answer to improving quality of life. They not only provide nightlife, training and jobs for residents, they also promote addiction, crime and hopelessness. Look at the area surrounding the casinos in Atlantic City, NJ. This beautiful country is already on a precarious path. Rising crime. A water park, dolphin parks. A casino? For goodness sake, don’t let it happen.

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  4. Big mistake a casino.People can get all the gambeling they need on the cruise ship.We all come to the Caymans because it was ? a safe place.No one tried to sell you stuff on the street and you are not harassed on the beach. You could go out day or night in safely and enjoy the island and its people.Casinos will bring in problems you will not want to deal with.If you think things are bad now watch out.

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  5. A referendum????? C’mon does everything in this country truly truly require a referendum. Cannot McKeeva make a decision without fear that he will alienate his voters?? There are lotteries going on everday here. I can buy tickets for cars, land, cash, appliances, groceries and the list goes on and on. Is this another religious scape goat? The bible warns about getting rich quick or some such business, but I cannot see where it is a sin. I think that it is only seen as such in the eyes of the local church. Set up a lottery now!! Have the profits assigned to some such organisation such as the schools. Just use the money that would be wasted on a referendum and put it toward the set up of a lottery. Why does McKeeva think the Canadian and European tourists go to Cuba??????????????/

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  6. what a brilliant idea. If the government ran it’s own casino. You could get the tourists to pay off the government debt. Revenue could reach into the 100’s of millions off a casino. And casino workers start out at 15 dollars an hour, and up, everywhere in the world! Guess that would creat a heck of alot of jobs too.

    Naw. scratch that. It’s a good idea, makes too much sense. FEAR GOD, PEOPLE. Oh ya, god says, dont’ stop the church bingo’s or raffles though. Cause that’s different LOL

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