No mention of casinos
U.S. casino mogul Sheldon Adelson recently met with the president of Brazil to propose an $8 billion resort complex to be built in the coastal city of Rio de Janeiro. Adelson reportedly did not use the word “casino” in his conversations with President Michael Temer and other officials, but the subject has been under discussion for some time as Latin America’s largest nation continues to grapple with a deep economic crisis.
The Macau Daily Times reported that the possibility of legal casinos in the country has aroused interest among the world’s top gaming operators.
This project is said to follow the same idea of the integrated resorts built in Macau, and could generate over 10,000 jobs.
According to the website of the Jewish Telegraphic Agency, the American billionaire consulted with President Michael Temer about tourism and the potential benefits of legal gambling in Latin America’s largest nation, where it has been outlawed for 70 years.
Adelson has called Brazil a “potentially very good opportunity,” although he’s aware of the country’s deep economic crisis.
Adelson reportedly also mentioned that the project might depend on the capacity of the city to receive tourists for gambling, inferring that the city would need to have more 4 and 5 star hotels.
Recently, Jim Murren, head of MGM Resorts International, visited the capital city of Brasília, as did Caesars executive Jan Laverty Jones, the Times reported. The Portuguese Estoril Sol group and an Austrian state-run operator also met with Brazilian officials.
Opponents of gaming in the country say it could lead to addiction, money laundering and the other criminal activity. But legalization is seen by many in the government as a way to boost the economy. Lawmaker Elman Nascimento estimated that casino-related investments could top MOP200 billion (US$25 billion).
“These groups are interested in investing in the country, creating integrated casino resorts. There is a high willingness to invest. But legal certainty is a requirement for such investments to take place,” he told O Globo. “In addition to the groups from the United States and Europe, there are also companies from Argentina and Uruguay with an eye on the country.”
Casino legislation has been approved in the House and is also under consideration by the Senate.
According to Gambling Insider, Adelson said he’s looking at destinations such as Rio de Janeiro, Sao Paulo and in another undisclosed city that was at an “embryonic stage.”
“We rely on a very clear legislation and, of course, seriousness to invest in Brazil. We do not compromise with bribes or other actions that could compromise our ethical stance,” he said, a veiled reference to his opposition to online gaming and sports betting.
