DILI, 14 February 2025 (TATOLI) – The Government of Timor-Leste, represented by the Vice-Prime Minister and Minister Coordinator for Economic Affairs and Minister of Tourism and Environment, Francisco Kalbuadi Lay, has signed two cooperation agreements with Asia-Pacific Strategic Investments to establish a new casino and a bank in the country.
The signing ceremony for the two agreements took place on 8 February.
“Under the casino cooperation agreement, Asia-Pacific Strategic Investments and its subsidiaries are required to build a 5-star hotel with a reputable, high-security, law-abiding casino and develop strategic plans to promote marketing for international customers for the hotel and casino,” according to Singapore Business Review.
Asia-Pacific Strategic Investments said it will develop strategic plans to promote tourism in other disciplines, including seaports, scenery, whale/dolphin/crocodile watching, yachting, and scuba diving.
According to the banking cooperation agreement, Asia-Pacific Strategic Investments will establish a bank with Banco Nacional de Comercio de Timor-Leste (BCTL), where it will hold a 60% stake.
The company has planned to raise US$100 million through convertible bonds to fund the expansion of its businesses in Timor-Leste.
Of the US$100 million, US$60 million will be allocated for establishing the casino, US$20 million for the bank, US$10 million for funding the company’s expansion in the country, and US$9.8 million for working capital.
TATOLI
