Operator News
Driftwood Capital announces first casino for Old San Juan
By James - 2 May 2024
The Hotel Rumbao Tribute Portfolio, in Old San Juan, will add a casino to its already existing facilities. Carlos Rodríguez, CEO of Driftwood Capital, the owning company told press that the casino will be located on the first level of the Paseo Portuario building, which the firm acquired in 2021 for $21.7 million. The construction, which has already begun, is expected to take about 12 months.
The company will invest around $12m in the casino Rodríguez said in a press conference adding that the company had entered into an agreement with Spanish-based operator Grupo Orenes for the operation of the casino. According to local news paper El Nuevo Día this is in addition to the $15 million that has been invested since 2023 for the remodelling of the 245-room hotel. The casino will be connected to the hotel.
Driftwood Capital also plans to add 150 rooms to the property by constructing a tower in an adjacent building. Driftwood Capital acquired the former Sheraton Old San Juan hotel in 2021 for about $33 million. However, the ownership of the land is retained by the Puerto Rico Land Administration. Similarly, the company acquired the adjacent commercial building to the hotel for $2.6 million.
Old San Juan is an area of San Juan, the Capital of Puerto Rico Puerto Rico. Old San Juan (El Viejo San Juan) is home to significant landmarks like El Morro and Castillo San Cristobal, both recognized as UNESCO World Heritage Sites.
