Durrant Pate/Contributor

After nearly two decades in the making, construction is set to finally start this year on the government’s much-delayed casino resort development project in Harmony Cove, Trelawny, which will be a 2,000-plus room high-end Integrated Resort Development (IRD).

The authorities are reporting that construction of phase one is now in the making and will comprise 1,000 hotel rooms, a wide range of amenities including sporting activities, restaurants, and retail shops, and a substantial build-out of infrastructure supports. 

However, the start of construction is subject to the finalization of government policy relating to IRD incentives and casino gaming, new equity participation as well as loan funding options being pursued through Harmony Cove Limited.

Harmony Cove is a joint venture company owned by Harmonisation Limited, which is wholly owned by the Government of Jamaica (GOJ) jointly through the Development Bank of Jamaica (DBJ), National Housing Trust (NHT) and the Tavistock Group, which is a Bahamas-based private investment organization that is involved in resort development. 

Its mandate is to develop the project, which at full build out will comprise of a variety of more than 2,000 rooms/lodging options, casino gaming and a range of recreational offerings.

Numerous delays over the years

The Joint Venture Agreement between Harmonisation Limited and the Tavistock Group was signed on September 28, 2006. Phase one is expected to be completed three years from the start date of construction. 

Several factors have occasioned delays in implementation, and changes in projected implementation schedules. Chief among these have been Master Plan changes to suit new developments in the Jamaican tourism market, the effects of the downturn in international financial markets from about 2008 and the resolution of a few critical policy issues, particularly the provision of tax incentives to the project.

In addition, the Covid-19 pandemic occasioned a slowdown in the pace of pre-construction activity. With the lapse of time since the signing of the Harmony Cove Joint Venture Agreement in September 2006, the necessity of aligning the policy prerequisites with changes in a number of critical areas of public policy has become even more clear. 

As such, amendments made to the Joint Venture Agreements take account of new business imperatives and revised policy directives.. 

Pursuant to its original mandate, and its role in the Harmony Cove development, Harmonisation Limited continued to provide the facilitation with the Government’s agencies relevant to the development of the project, while adhering to the GOJ’s compliance requirements.