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Antigua – Antigua’s new Prime Minister agrees to US$740m casino project

By - 25 June 2014

Just one day after being voted in, Antigua’s new Prime Minister, Gaston Browne has signed a Memorandum of Agreement (MOA) with Yida International Investment Antigua Ltd allowing for the construction of a US$740m project on outlying Guiana Island.

Following an eight-hour long session of negotiations, Prime Minister Browne signed a Memorandum of Agreement (MOA) with Yida International Investment Antigua, paving the way for the casino investment project in Antigua and Barbuda.

During the lead up to the 2014 election, which was overwhelming won by the new Antigua and Barbuda Labour Party (ABLP), Prime Minister Browne pledged to the people of Antigua and Barbuda that his administration when elected would bring tangible investments that will generate much needed economic growth for the country.

“I promised the people that my administration would bring the type of investments to the country that will transform Antigua and Barbuda into an economic powerhouse and I am serious about that promise. This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country,” PM Browne stated.

The Memorandum of Agreement, which binds Yida International Investment Antigua Ltd., to the investment, will result in Guiana Island and surrounding lands transformed with the construction of five five-star hotels, 1,300 residential units, a casino and conference centre, a 27 hole golf course, marina and landing facilities and a commercial, retail and sports facility.

Attorney General and Minister of Justice and Legal Affairs, Immigration and Labour, the Hon. Steadroy C.O. Benjamin who witnessed the MOA, said that the new Antigua and Barbuda Labour Party is about delivering for the people of Antigua and Barbuda.

“We were elected convincingly by the majority of the people of the country and we are committed to live up to our promises. One major promise is to provide jobs. This project will ensure that we move people from unemployed to being employed,” noted Attorney General Benjamin.

Yida International Investment Antigua, is expected to invest over US$200m annually in the Antigua and Barbuda economy over the next ten years as well as provide an Antigua and Barbuda presence in the People’s Republic of China to attract additional economically viable investments.

The aim is to build a mixed-use leisure complex larger than Baha Mar in the Bahamas, which is also backed with Chinese money and is likely to open in December with William Weidner’s Global Gaming Asset Management in charge of operations.

Genting is also developing in the region with its Resorts World Bimini complex in the west of the Bahamas about 50 miles from Miami.

Pictured above are Prime Minister Gaston Browne and Director of Yida International Yida Zhang signing the Memorandum of Agreement at the Prime Minister’s Office

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