The return of Casino Capitalism

Guyanese Cary Fraser is Associate Professor of African and African American Studies and History at Penn State University

By Cary Fraser

The recent announcement that Buddy’s International Hotel is being sold to a Turkish investor, Sudi Ozkan, who plans to “upgrade” the hotel by establishing it as a franchise of the Hilton or Sheraton chain, must be an embarrassment for Guyana. It would seem that the purchase and the upgrading of the hotel would result in the establishment of a casino and that the Guyana government would support the multi-million dollar investment. The final terms are still being reviewed and Mr. Ozkan had a meeting with President Bharrat Jagdeo to receive assurances of government backing for the project. The expectation seems to be that the hotel-casino project will boost tourism and Mrs. Ozkan’s comment, reported in the Stabroek News (May 13, 2008) – “This is a huge investment and we are hoping that it will open doors for many of the jobs for the locals. I think it’s a good step for Guyana especially with the crime and poverty in the country.” – suggests that there is a recognition by the investors that Guyana is a high-risk investment zone. It would seem that the lure of high returns for investors from gambling and the range of dubious services that accompany casinos, coupled with the obvious inability of the PPP government to attract investment that would stimulate both the diversification and expansion of the economy in Guyana over the long-term, have converged to drive this PPP turn to casino capitalism. …..