The government of Grenada appears willing to let Swedish developer Zublin seek business partners elsewhere in the Caribbean.

Zublin recently withdrew its year-old proposal to build a four-star hotel and casino, plus a new cruise ship jetty, as part of its St. George’s Renaissance project. The total development was valued at 450 million East Caribbean dollars, about US$166 million at current exchange rates.

Problems began when the government of Grenada, led by Prime Minister Tillman Thomas, objected to the casino portion of the deal. Zublin claimed the government was refusing to meet with the company to discuss details and sent a letter to Works Minister Joseph Gilbert, calling the government’s behavior “unacceptable.” Ultimately, Thomas said the project had been rejected after the government had failed to come up with EC$150 million in public financing.

Zublin currently operates a cruise ship terminal and duty-free shopping mall, but says it is no longer interested in investing in Grenada. Instead, the company recently announced it has received preferred-bidder status for a 180-room Marriott Hotel with casino in the new gaming jurisdiction of Georgetown, Guyana. A second project involves a bid to develop cruise ship facilities on Barbados.

Grenada opposition leader Dr. Keith Mitchell told the Caribbean Media Corporation that the government is pushing away investors.

“What happened to Zublin is just a continuation of that missed opportunity and the lack of vision, lack of planning by this government,” said Mitchell, who led the government from 1995 to 2008.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.