One of Ireland’s biggest developers has submitted plans to build a $400million super casino in Dublin – despite the fact that it has loans of over $1.4billion currently in NAMA.
The heavily indebted Treasury Holdings, owned by entrepreneurs Johnny Ronan and Richard Barrett, has lodged its plan with the Department of Justice.
Despite the fact that its loans are in NAMA, Treasury claims its prime location at Spencer Dock on the banks of Liffey is ideal for the development of a large-scale casino as part of a regeneration of the area.
The company says the super casino could attract three million visitors a year, boost the local economy by over $100million a year, generate $50million a year in gaming tax and employ over two thousand people
The Irish Times has accessed the Treasury proposal under Ireland’s Freedom of Information Act legislation.
The paper has withheld the name of the multi-national casino group partnering Treasury in the submission on grounds of competitive sensitivity.
The paper does reveal that the Treasury plan includes provision for a large-scale casino, hotel with convention and spa facilities, restaurants, pubs, nightclubs and a bowling alley.
The development ranges in size from 50,000-75,000sq m in size and could cost over $400 million.
Former Minister for Justice Dermot Ahern outlined proposals for a single resort casino with multiple gaming tables and up to 1,500 slot machines.
The new Government has yet to decide on the proposals issued by its predecessor but already plans for a major resort have been lodged in County Tipperary and are currently the subject of a planning appeal.
Almost 70 submissions on the proposed casino were made to the Department of Justice last year.
Treasury, who also built the new national convention centre beside the Spencer Dock site, has outlined its vision for the casino in its proposal to government.
“For a large-scale casino to be financially viable, there must be sufficient demand,” reads the plan.
“This generally means locating the casino resort in or near population centres where it is easily accessible by local customers and tourists.
“The failure of the UK to legislate for larger regional casino resorts makes it likely any Irish venture would attract visitors from the UK and mainland Europe.
“Our international partners would give priority to local people in recruitment and would seek out the economically inactive, minorities and young people, to the extent permissible under law.”