Genting loses bid to build Andorra casino project
Genting has lost its bid to construct a Casino in the Spanish region of Andorra.
The company in May made known its intention to obtain a licence to build and operate a casino in the region.
In all about 13 casino operators submitted bids with Genting’s bid of $164.6 million among the highest monetary value.
However, the company was disqualified, losing the construction proposal to another company.
According to the Spanish broadcaster Cadena Ser, Genting’s disqualification from the bidding process resulted from its inability to secure the land meant for the proposed project.
Despite proposing $162.8 million for the 20-story tower, Andorra expressed concerns there was no proof that the land for the project was secured.
Genting, however, had the right to challenge the decision if it deems necessary.
Andorra in its bid to increase tourism in the area finds the gambling industry as the surest way to attract many tourists to the region.
A law introduced by the local government in 2016, authorised the establishment of casinos, with an initial licence period of 20 years. In addition, any company that asks for a licence must be prepared to invest a minimum of $11.7 million and obtain government approval.
Out of the 13 bidders, Jocs SA won the casino rights and will become the first casino in the region. Based in Andorra, Jocs has an alliance with the gaming equipment manufacturer, Novometic AG.
In their bid, Jocs proposed a six-story building, with two, comprising two to be built underground at the cost of $17.5 million (€15 million).
Jocs SA, established in 1994 started operations as a publication for the Spanish gambling industry.
It publishes activities in the gaming industry including information on manufacturers and distributors, recreational machines, online gaming and locations.
Owned by the Andemar Catalunya Business Association, Jocs SA publishes monthly magazines and operates a digital portal.