Panama City's Veneto Hotel & Casino: Move Over Vegas…The High Rollers Are Betting on Panama
Date: 06/24/2007
Forget Las Vegas…from now on, what happens in Panama, stays in Panama. The Veneto Hotel & Casino will soon be branded by none other than hospitality giant The Wyndham Hotel Group. Wyndham is known as the world's largest vacation ownership business (according to number of vacation ownership resorts, units and interests) and the world's largest lodging franchisor. Its ten brands encompass nearly 6,500 hotels on six continents.
Just days ago, Silver Entertainment, LLC (SE), a hospitality and gaming company under the New York-based Andalex Group, acquired the Veneto Hotel & Casino for some $60 million. They plan to re-brand the property "Veneto-A Wyndham Grand Hotel" as part of The Wyndham Group's most exclusive franchise. Full management of the property, previously owned by partners Moisés Haskey, Alberto Daniel Btesh and Abraham Btesh, is expected to be transferred this month.
The Veneto, which opened its doors just two years ago, in 2005, houses Latin America's most modern casino, according to Hotel Online Special Report. Its 45,000-square-foot "state-of-the-art" gaming space encompasses 625 slot machines with cutting edge technology that allows guests to freely move about the casino. The casino also boasts over 42 table games, Panama's biggest poker room (100 seats), an exclusive baccarat room, and a full-service race and sports café.
The Veneto Hotel offers a range of amenities for visitors-be they vacationers or business travelers-including some 300 rooms, complete business center, social area with pool and pool bar, fitness center and spa, gift shop, 10,000 square feet of meeting and banquet space, and executive floor featuring lounge and private check-in desk.
The Veneto's staff of about 600 will be re-trained but kept on by SE. Veneto spokesperson Kathya Muñoz said to Panama's La Prensa that management is already taking steps to ensure the hotel complies with Wyndham standards.
An SE representative said: "We saw the booming economy and the canal expansion as two great opportunities to enter the market in Panama…[The Veneto] will offer the only Las Vegas-style experience in all of Panama and, possibly, Latin America."
Panama hosts a thriving gaming industry, with Panama City taking the prize as the city with the most casinos in Latin America. Panama regulations allow for both state- and privately owned casinos and gaming establishments.
The Veneto is located in the heart of downtown Panama, on Via Veneto. It is some 20 minutes away from Tocumen International Airport (PTY) and walking distance from both the financial district and one of Panama's liveliest nightlife areas.
Best Regards,
Jessica Ramesch
Editor, Panama Insider
International Living
P.S. Why not check out the Veneto Hotel & Casino and the bustling area surrounding it when you join us this August 2-4 for our Live & Prosper in Panama Seminar? Learn everything there is to know about making a new life in one of Latin America's most exciting countries from our team of Panama experts. This is where it's happening…read all about it here.
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