Casino Gambling
It was only a matter of time I suppose, but today, ‘The Irish Times‘ newspaper brings us news of a proposal for yet another €300 million Super-Casino, this time on the banks of the river Liffey.
Treasury Holdings, whose loans are presently in Nama have submitted a proposal to the Department of Justice, in conjunction with an international casino operator.
Treasury Holdings founding shareholder, Johnny Ronan, dubbed The Buccaneer, went into business in his twenties with his father, who started out as a pig-trader in Tipperary and went on to work in property. Ronan then studied accounting in Waterford Institute of Technology and Pricewaterhouse Coopers.
Treasury Holdings state that its Spencer Dock site near Dublin Port is an “ideal location” for the construction of a large-scale Casino as part of a regeneration of this area.
Rather like the Tipperary Venue, it also claims the development could attract three million visitors a year and create 2,200 new jobs in the Dublin region. The venture could boost spending in the local economy by up to €75 million a year and generate more than €40 million per year in gaming taxes.
According to the submission, a large-scale casino, including hotel, convention and spa facilities, along with restaurants, pubs, nightclubs and a bowling alley, (No Racecourse) would be 50,000-75,000 sq metres in size and would cost between €250 million and €300 million to develop.
The proposal states, that for a large scale Casino to be financially viable, there must be sufficient demand. “This generally means locating the Casino Resort in or near population centres, where it is easily accessible by local customers and tourists.”
The submission also claims the development would employ 1,750 people as well as creating 450 jobs in tourism. About 2,000 jobs in construction would be created over a 2½-year period.
The name of this company has been withheld on the documents released on grounds of commercial sensitivity.
It rejects the contention that problem gambling will rise, with the introduction of such large-scale casinos.
Meanwhile a planning decision on the Tipperary Venue is expected very shortly.
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