Coqit Group First To Receive Casino License

It was announced on September 13th that the Cogit Group are the first group to receive a license to operate a casino on the South American Island nation of French Guiana.

It is anticipated that this will be an expansive operation. An economic impact study by Atout France had already determined that any future casino in the capital would rank “in terms of turnover” in the top 10 of all French casinos.

Currently, turnover is set at € 6 million ($6.6 million) for each of the first two years. It is then determined that when the concession is reached, which is in the 18th year, the turnover rate will be €11 m ($12.1 m) with a total amount of €26m ($28.6 m).

The operation is expected to earn the local region an annual revenue of at least €200,000 ($220,000). The initial amount expected to be €1.2 m ($1.32 m) for the local municipality until the entire casino is finished. The Cayenne region is expected to draw at that point as well as an annual revenue of €2.6 m ($2.86 m).

The new casino’s place is in a top place in the capital city Cayenne and situated on Montalbo Road at the entrance of Horth and Grant.

However, there are a few more hurdles that the Cogit group will have to jump through before activities start. The first is they have to obtain a building permit as well as holding a public inquiry. They also have to submit an open application to the Casino Games Advisory Committee to be approved by the Minister of the Interior. It is anticipated that none of these will be an barrier for the company.

In addition to building a casino, Cogit is anticipated to construct a 460 seat theatre, a restaurant and a bar as part of the project. With the total investment amount being €30m, the temporary casino is anticipated to employ as many as 100 individual and then upon completion of the permanent structure, it is anticipated that 300 people will be employed.

Cogit who already run four French and four West Indies casinos, was initially given public permission to start activities at a casino in April 2012, but in July 2015 the project was abandoned.

According to Cogit authorities, they discovered the political climate not conducive to the construction of the facility at that moment, but lately discovered that “the administrative and political environment has evolved and is much more favourable, with the pooling of resources and the promotion of the territory.”