In the war of words and press releases that threatens the validity of the tender process in Uruguay for Montevideo’s art deco Hotel Casino Carrasco, Martin Canepa, director of Bahia Verde S.A. - winner of the tender, said that the official report from the National Development Corporation (CND) does not disqualify Bahia Verde investors, Spanish gaming operators Codere and French hotel group Accor-Sofitel. Canepa added: “They say that we should not have qualified, but one thing is to have a negative opinion about something and quite another is to say ‘this did not happen’.”

Canepa, who also represents Codere in Uruguay and is ex president of Hipica Rioplatense, the company that operates the casino at the Maronas race track, told local media that Codere is committed to Uruguay “and we intend to stay put”. In its report, the CND comments on the Bahia Verde investors’ global credentials and especially on Codere’s vast operating expertise in Uruguay and Hipica Rioplatense’s track record in the South American country.

The document issued by CND on Bahia Verde’s proposal said that the consolidated accounts of each, Codere and Sofitel through subsidiaries, are able to engage in economic and financial commitments (notwithstanding heavy financial leverage) on the tender project. Immediately after the opening of the first part of the tender, last year on December 10, Ariel Gianola, legal representative of Dongara Investments Inc., owned by the hoteliers Hyatt and Grupo Liberman - runners up in the tender, said that the three other candidates did not comply with the tender regulations. The reasons offered by Gianola ranged from the economic package right down to the design of the historic building.

Guillermo Arcani, Codere Projects director said that Hyatt’s claims were not correct and that Codere was perfectly suited and qualified to take part in the tender for the Hotel Casino Carrasco. After the first stage, Bahia Verde got 47.06 points, Tsakos was second with 46.21 points, Hyatt-Liberman third with 31.40 points and Pestana Group last with 26.81 points.

Following the Hyatt-Liberman objections, the Montevideo Municipal Government (IMM) continued the tender process confirming that there had not been any inconsistency and that all four candidates were qualified to carry on with the second stage of the tender that dealt with gaming tax offers. At the end of the month, the tax offers were opened and Bahia Verde was declared the adjudicated tender winner of the Hotel Casino Carrasco for a period of thirty years. The result has been submitted to the State council for its confirmation. (E-01.06.09)

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