Antigua – Packer and De Niro project given 25 year tax holiday in AntiguaBy Phil - 2 December 2015
The proposed $250m casino earmarked for Antigua and Barbuda and spearheaded by James Packer and Robert De Niro moved a step closer with the government approving the Paradise Found bill, that could pave its way.
The bill provides incentives to build the casino-resort, including most notably a 25-year tax holiday, which will be located at the 251-acre site of the The K Club Hotel, which closed in 2004. It includes a five-star boutique hotel, a marina for luxury yachts, a casino, and a new airport.
The Paradise Found Bill, sponsored by Prime Minister Gaston Browne, was kickstarted as the government wanted to support a project that ‘had been stymied by manoeuvrings of persons’ in Barbuda.
The Prime Minister explained that opponents of the Bill had lost a court case trying to stop the project ‘on a technicality under the Barbuda Land Ac.’ Another appeal has though been brought forward causing further delay to the development.
Prime Minister said: “The application of the Barbuda Land Act (BLA) has proved not to be investor friendly.”