In July 2008 Zublin Grenada Limited applied to the government of the Caribbean island of Grenada for a casino licence as part of its St George’s Renaissance Project. Two years later the company claims that it has been ignored by the government and that it is withdrawing its proposal to build a US$168.5 million project featuring a new cruise, ship jetty, a four-star hotel with casino and tourism entertainment area. Zublin says that the government has turned down the project because it lacks the US$56.1 million in public financing.

Finance Minister Nizam Burke refutes the claim that it has ignored Zublin. However, he has stated that he sees no need to pursue a meeting with the Swedish company but that he is available at any time should Zublin wish to see him. Zublin has sent a strongly worded letter to Works Minister Joseph Gilbert, calling the government’s behaviour ‘unacceptable’. The company confirmed that it is no longer interested in investing in Grenada and says that foreign investors are losing their appetite for doing business on the island.

Zublin had contended that its project, if implemented, would bring up to 4,000 sustainable jobs to Grenada and some 450 million East Caribbean Dollars (US$172 million) to the country’s economy. The Swedish developers currently operate a cruise ship terminal and duty-free shopping mall, which was completed after the passage of Hurricane Ivan in 2004. Zublin is one of five companies prequalified to develop port facilities in Barbados and has been granted preferred bidders status in Guyana to build a Marriott Hotel.

According to the Granada Herald, Zublin wrote in its letter: “The public statements made in recent days by some members of Cabinet show, apart from total disrespect for our company, a complete ignorance of the presented proposals and are a clear signal that our proposals have not been seriously considered, nor understood.” It described the government’s explanation for turning down the project as ‘inaccurate, untimely, misleading and irresponsible’. (E-08.02.10)

© Copyright 2010 CasinoCompendium



>>> return to archives
>>> return to frontpage