Brazil: a race is on in the real estate market to install a casino in Santa Catarina State

RIO DE JANEIRO, BRAZIL – The law that can legalize casinos, bingo, and gambling still depends on the Senate and the sanction of President Jair Bolsonaro – who intends to veto the measure. But the approval of the basic text in the House of Representatives is already stirring the real estate market in Santa Catarina.

Foreign investors are already looking for real estate to install casino resorts, which represent the “fillet” (the best part) of the proposal under approval.

Multinational companies have started to look for experts in the real estate market in the State to survey prices and the best places for the installation of enterprises in the gaming sector. Florianópolis and Balneário Camboriú are at the top of the list among the cities that arouse investors’ interest.

According to the text being voted in the National Congress, Santa Catarina can only support a resort casino – an enterprise with a more significant investment volume, at least R$100 million (US$19 million) and expected to attract international tourism.

“Foreign investors are looking for real estate, including in cities in the south of the country such as Balneário Camboriú, which in the not too distant past experienced casino tourism,” says Renato Monteiro, real estate expert and CEO of Sort Investimentos.

If approved, the text will also authorize the installation of another model of casino operations, disassociated from the hotel network, in cities that have tourism demand, and on boats.

At least ten international groups that invest in the gaming sector would be interested in bringing enterprises of this sector to Brazil.

Currently, the companies are evaluating the terms of the legislation approved in the National Congress and studying the economic feasibility of installation – the choice of space is part of this criterion.

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