For more than a decade, the Jamaican government has been exploring various options to increase tourism. One of the key projects that has caught the attention of legislators has been the development of integrated resorts (IRs), which include not only hotel rooms but also restaurants, shops and casinos.
New Tender for Integrated Resort to Be Launched SoonSeveral years ago, Jamaica issued a tender for two integrated resorts. One of them resulted in a license being issued, but the second bid did not meet the requirements. This week, the Ministry of Finance and Public Service confirmed that a new public invitation to submit bids for licenses in the St. James geographic area will soon be opened.
Portfolio Minister Dr Nigel Clarke made the statement of intent from the Ministry of Finance during a sitting of the House of Representatives on October 1, as reported by the Jamaica News Service.
The government has set a number of requirements for future integrated resorts. Each must provide at least 1,000 hotel rooms and require a minimum investment of $450 million. Of these rooms, at least 500 must be luxury accommodation. In addition, Clarke confirmed that the resorts must offer a variety of retail and dining options, spas, entertainment facilities and, importantly, a casino.
Integrated Resorts Open Up OpportunitiesDr Clarke outlined a process initiated by the Ministry of Finance in October 2021 to issue licences to two applicants for an Approved Integrated Resort Development (AIRD) in St James and the Hanover and Westmoreland Combined Area.
The applications were reviewed by a dedicated team to assess the proposals and determine if they meet the requirements for a licence. After a thorough review, the team recommended one applicant for an AIRD licence for the Hanover and Westmoreland Zone, and that applicant was granted a licence last August.
However, the applicant for the integrated resort in St James "failed to provide sufficient evidence," Clark explained. He added that this caused the applicant to fail to comply with the financial disclosure requirements set by the task force. As a result, the applicant was not issued a recommendation or a licence.
Integrated resort development can be a significant boost to the local economy in Jamaica. Not only do they attract tourists, they also attract additional investment, positively impacting local businesses. At the same time, large integrated resorts create temporary jobs during construction and provide permanent jobs once they open.