By Halshane Burke
The government is preparing to issue the first of two integrated resort development (IRD) licences.
This is the first step towards the establishing of a casino on the island.
Finance Minister Dr. Nigel Clarke said there has been a reduction in the minimum capital investment required for the setting up of a casino in Jamaica.
The minimum investment required by an applicant is now US$450 million, down from $500 million.
Dr. Clarke said the reduction is being done to ensure there are no issues relating to the level of investment that would be required.
"We had set a loftier minimum capital investment, which was a billion [dollars], and we had that for over a decade, and we have not had a single successful IRD over that time. And hence, with advice, we made amendments to change it from a billion to $500 million, and just out of an abundance of caution to ensure that everything goes smoothly, we're making adjustments from $500 to $450 million."
The minister said for the first IRD licence that will be issued, the government expects investment to be "quite a bit over $500 million across two phases".
Dr. Clarke, who was speaking Wednesday in the House of Representatives, said the country is being positioned to develop the casino gaming industry as part of its tourism product.
