Macau junket group spends US$900 million to launch casino resort in Fiji
Macau junket groups that bring high-rollers from mainland China to the gambling hub continue to seek a more favorable operating environment. This comes after Beijing cracked down heavily on VIP tourism in recent years. One of the groups, the David Group, wanted to relocate to the Fiji Islands.
Until recently, David Group was a large intermediary company operating in Macau. The group, led by businessman Sandeep Singh, is working with the Fiji government to provide FJ$2 billion ($900 million) in funding to the South Pacific island nation. Casino resort.
Fiji legalized some forms of gambling in 2009. The law allows people to participate in community and charity card games as well as online casino gambling. The Gambling Act 2009 also allows for the opening of land-based casinos, but no licensed gambling venues have yet opened.
That could soon change if Singh and his David Group win support for the resort project. The Fiji Times reports that the first draft calls for a two-phase construction plan, with the first phase expected to cost around $450 million to build a stand-alone casino and a 1,000-room luxury hotel.
The second phase of investment will be broadly similar, with amusement parks, event venues and luxury residential developments in the destination.
Prime Minister is open to projects
Fiji's Prime Minister Sitiveni Rabuka is reportedly open to the issuance of the country's first commercial resort casino license. However, he said the concession would not be approved until many other details were clarified.
The details largely depend on the government and how it regulates casinos. Fiji currently does not have a dedicated regulatory body to oversee casino gambling.
This needs to be handled with great caution and taking into account the interests of all stakeholders, particularly Fiji’s social stakeholders,” Rabuka said.“It was agreed that a decision should be deferred and made at a later date dates to consider. "
Singh said his David Group was willing to wait until the government resolved the issue. He said regulatory conditions must first be disclosed before his company is allowed to purchase land to build a resort.
Singh suggested the casino could be built south of Denarau or on Wailoallo Beach in Nadi.
Economic Diversification
Unveiling the casino project, Mr Singh said the gambling resort would give holidaymakers another reason to visit Fiji.
The casino will provide opportunities to diversify Fiji’s tourism industry and attract more tourists from China,” Singh said.“It also addresses the need to increase the capacity and scale of Fiji’s tourism industry. "
Fiji is one of the most economically developed countries in the Pacific Islands. But it is still a developing country. Fiji is rich in natural resources, including forests, minerals and fish. Sugar is also an important export item. Yes, Fiji Water comes from Fiji.
Tourism is also an important economic driver. After World War II, the number of visitors to the islands continued to increase as air travel became a more common mode of transportation.
Fiji's tourist numbers have recovered from the pandemic, with last year exceeding 2019 numbers.Australia and New Zealand account for about seven in 10 visitors. It has more than 420 licensed hotels and more than 12,000 rooms.
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Source: www.casino.org
