Morocco to develop $230 million destination resort casino
Kerzner International Limited, a leading international developer and operator of destination resorts, casinos and luxury hotel properties, Thursday announced that the Company and its local partners, Societe Maroc Emirates Arabs Unis de Developpement ("SOMED") and Caisse de Depot et de Gestion ("CDG"), have entered into an agreement with the Government of Morocco for the development of a destination resort casino.
The greenfield site is located near El Jadida, which lies approximately 80 kilometers southwest of Casablanca. About an hour's drive from Casablanca, Morocco's largest city with a population of 3.5 million, the site provides for easy access to-and-from Casablanca International Airport, which currently receives daily flights from 22 European cities. Access to the area is supported by a rail network as well.
The cost of the project is estimated at $230 million and is expected to consist of a 600-room hotel, an 18-hole golf course, convention space, restaurants and a casino. As part of its agreement with the Moroccan government, the joint venture has negotiated exclusive rights to conduct gaming operations within a 160-kilometer radius from the center of Casablanca.
Kerzner expects to commence construction of the project in 2005 and to complete the project by mid-2007.
SOMED is an investor with interests in various industries, including the hospitality industry. SOMED is 50%-owned by the Abu Dhabi Development Fund and 30%-owned by the Government, with the remaining interests being institutionally owned. CDG is the Government-entity that invests Morocco's pension funds and is one of the country's leading institutional investors. (menareport.com)
© 2004 Mena Report (www.menareport.com)
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