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Italian firm Grupo Cipriani, an international operator of luxury restaurants and clubs, is investing $450 million in a casino resort located in Uruguay.
The company plans to redevelop the former San Rafael Hotel in Punta del Este. Cipriani wants to add hotel suites and luxury residences as well as restaurants, retail space, and a casino. First opened in 1948, the San Rafael Hotel has been closed since 2011 and was acquired by Cipriani Group for more than $40m in February.
The project will see the creation of a 183,360sqm complex, designed by well-known Uruguayan architect Rafael Vinoly. It will be implemented in two phases and is expected to be completed sometime in 2021.
Cipriani is best known in the US for its former ownership of New York City’s Rainbow Room, which sits atop 30 Rockefeller Center on the 65th floor. The company also owns establishments around the world. It includes a significant investment in Uruguay after building a $40m five-star hotel and casino in La Barra in December 2003.
Punta del Este, city and resort on the Atlantic Coast of southeastern Uruguay, known as ‘the St. Tropez of South America”, is presently home to three casinos, the largest being the Conrad with 550 slot machines and 75 table games.
