In Old San Juan, Puerto Rico, a casino will open at the Rumbao Tribute Portfolio Hotel according to Carlos Rodriguez, CEO of Driftwood Capital, the Florida-based company that owns the hotel.
New casino and works on renovations:
Back in 2021, the Miami company Driftwood Capital acquired the Paseo Portuario building for $21.7 million, and now the casino will be added to its first level.
The works on the site have already started, and it is expected that they will be finished within the next 12 months. While the project will cost around $12 million, the company already invested $15 million in remodeling and renovation of the hotel and its 245 rooms.
As local newspaper El Nuevo Dia reports, the executive said in a press release: “We are going to make a connection between the hotel and the building. We have entered into an agreement with the Orenes Group, which is one of the strongest groups in Spain operating casinos, because, as they say, a shoemaker to their shoe.”
The operator, Orenes Group, has been present on the market for more than 55 years, and it has vast experience when it comes to operating various hotels and restaurants, as well as casinos, bingos, game rooms, sportsbooks, and online games.
Rodriguez noted that the casino will be the only one in Old San Juan, therefore there will be no competition nearby. Also, it is expected that the casino will help attract visitors to the hotel making it stand out from others in the region. He added: “We want people to not have to go to Condado or other places to look for a casino. We are going to have it here and it will be connected to the hotel.”
The casino licenses to operate in Puerto Rico haven’t been granted yet, but the process is ongoing. Rodriguez thanked all government agencies that were helping and supporting him during the process, claiming that their help was valuable when it came to understanding the rules and laws on the island.
The Puerto Rico Gaming Commission is in charge of regulating the country’s casinos. At the moment, there are 16 casinos on the island.
Changes in the area:
Driftwood Capital is going strong when it comes to upgrading the hotel and improving it. Apart from the casino, the company plans to add 150 new rooms to the Rumbao Hotel and construct a new tower in one of the buildings nearby.
Before Driftwood Capital acquired it for $33 million, the hotel was called Sheraton Old San Juan Hotel. However, the Puerto Rico Land Administration retained the ownership of the hotel lot.
On top of that, Driftwood purchased the commercial building next to the hotel for the price of $2.6 million. Currently, Señor Frog’s establishments and Harley-Davidson store are located on that property.
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