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Italy –Venice lays down privatisation timescale

By - 21 August 2013

The City Council of Venice has agreed to sell its casinos with the goal of achieving new management through a public tender by the end of the year.

The City Council has already approved the proposed resolution granting the service management of the Casino of Venice. It will be examined by board members by the end of August, to be voted on by the City Council in mid-September. This will give two months before the launch of the tender.

The proposed resolution sets out the guidelines to be followed in the tendering process and approves the agreement, which will govern the relationship between the City and the new manager of the casino.

The agreement includes recommendations made by the Ministry of the Interior.

Mayor Giorgio Orsoni said: “We are advancing expeditiously towards the procedure that will award of the management of the casino with resolutions licensed by the Government. I believe that the award of the Venice Casino to a private operator, with clear rules whilst keeping control in the hands of the municipal administration, is a fundamental step towards the revival of the casino. It is the intention of this Administration to face up to this very difficult time of crisis with determination.”

The initial figure that City Council expects to receive ‘spread’ over two or three years is €350m Euros, which will be added to the proceeds of the 30-year concession to operate the two casinos; Ca’ Vendramin Calergi and Ca’Noghera. The annual fee will is expecting to be in the region of €20m.

Deputy Mayor and Councillor for the Budget Sandro Simionato said the council was still awaiting the latest assessment of the operation which had been expected at the end of June from advisor KPMG. “There have already been several informal expressions of interest, from both Italian and foreign operators,” he added.

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