A US$150 million mega-entertainment complex with casino is now under way on San Francisco Island on the Paraguay River. The country’s Ministry of Environment and Sustainable Development gave the green light for construction that will include a five-star hotel, a 2,000-capacity convention center, restaurants, a casino, luxury shops and an amusement park.
U.S. Vimerica Development LLC will invest in the project through its subsidiary Vimerica SA along with local and foreign investors. Another partner is Paul Steelman, majority shareholder and CEO of Las Vegas-based architectural firm Steelman Partners, which has designed more than 4,000 casinos and integrated resorts.
Vimerica estimates a 30-month development period that will create 5,000 direct and indirect jobs. Once the complex is open, operators believe it will create 1,400 permanent jobs.
According to a news release from the developers, the casino will contribute about US$10 million per year to the gaming board through the payment of a 7 percent concession fee on the profits during the 25-year license term.
The island of San Francisco is located in central Paraguay.
