Pandemic Could Delay Completion of €250 Million Cape Verde Casino

The government of Cape Verde has said that the Covid-19 pandemic could cause a delay in the completion of a €250 million casino resort currently under development in the capital Praia.

Macau Legend, a Hong Kong-listed casino operator running properties in Macau, said last year that it planned to open its Cape Verde property some time this year. However, the company unveiled a new timeline, saying that it would begin to gradually open the complex at the end of 2021.

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It now seems the project could face a new wave of delays amid the Covid-19 pandemic that has affected the construction of the casino resort and has forced developers to significantly reduce workforce at the construction site.

Commenting on the potential delay of the project, Cape Verde Tourism Minister Carlos Santos said that investors have not shown any sign of willingness to give up on the multi-million tourism scheme, which Minister Santos said is “very good” as this means “businessmen and investors are believing in the country.”

Minister Santos went on to say that information circling around about potential delays is something normal and that his ministry has information construction work continues, but “obviously at this time, with the pandemic, there has been a slowdown […], but we have not had information to the contrary that there is a withdrawal.”

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Only few workers have been working on site for the past several months and there has not been any visible progress, with the construction of a bridge that would connect Praia (which is located on the island of Santiago) and the Santa Maria islet being the only exception. Construction of that bridge was completed months ago.

Casino Project Part of Larger Scheme to Boost International Tourism

It first emerged that Macau Legend sought permission to build a casino resort in 2015. With an estimated overall investment of €250 million, the project is the largest tourism development scheme in Cape Verde.

The complex, when fully completed, will occupy a 152,700-square-meter area in the islet of Santa Maria. It will feature a boutique casino, a 250-room hotel, a swimming pool, a range of food and beverage facilities, retail space, and more.

Under an agreement Macau Legend signed with the government of Cape Verde in the spring of 2019, the developer will build and launch its resort in phases. It has 22 months to complete the first phase, which will cost approximately €90 million.

A subsidiary of Macau Legend, CV Entertainment Co, has obtained a 25-year gaming license at a cost of €1.2 million. It has also been granted an exclusive 10-year online casino and sports betting license.

The legalization of casino gambling on select islands was part of Cape Verde’s effort to boost international visits from around 600,000 per year to more than 2 million tourists per year over the next decade.

Of that, Minister Santos said recently that “gaming is a sector that we want to continue investing in, […], because it attracts a type of client that has a very reasonable buying power.”

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