On August 24, 2026, Uruguay’s land-based casino market entered a significant restructuring phase as two separate developments moved forward almost simultaneously: construction resumed at the Hotel Casino San Rafael in Punta del Este, while the national government confirmed it will take possession of Casino Parque Hotel in Montevideo on September 1, 2026.
In Maldonado, Giuseppe Cipriani’s Grupo Cipriani and Argentine construction company CRIBA reached an agreement after a dispute that had halted work at the future Cipriani Ocean Resort, Club Residences & Casino Punta del Este. The agreement was finalized in the early hours of August 20, after negotiations reportedly continued until around 4:00 a.m., allowing more than 600 construction workers to return to the site. The stoppage had affected a workforce estimated at roughly 650 people, including subcontracted personnel.
CRIBA will remain the main contractor under CEO Santiago Tarasido, while Pablo Monsuárez, legal adviser to Grupo Cipriani in Uruguay, and SUNCA union representative Michael Pistone were also involved in the discussions. Maldonado Mayor Miguel Ángel Abella Pérez acted as a political facilitator while stressing that the dispute remained a private contractual matter.
US$17M Penthouse highlights progress at Cipriani ocean resort & casino in Punta del Este
Santiago Tarasido
The entire San Rafael development represents projected investment of more than US$700 million. Based on a masterplan by architect Rafael Viñoly, it includes a luxury hotel, casino, residences, spa, theatre, convention centre, retail space and three towers of approximately 30, 45 and 60 floors. The casino, once targeted for December 2026, is now expected to open between April and June 2027. The private gaming concession is held by FOSARA S.A., winner of International Public Tender No. 01/2019, under Law No. 17,555, Decree No. 442/002 and Article 33 of Uruguay’s TOCAF public procurement framework.
Montevideo is exiting a loss-making municipal casino operation. On September 1, the Ministry of Economy and Finance (MEF), headed by Gabriel Oddone París, will formally take control of Casino Parque Hotel, transferring it into the national General Directorate of Casinos, led by Fernando Estévez Perrone.
Gabriel Oddone París
The casino ended 2025 with revenue of UYU162.95 million against expenses of UYU290.84 million, producing a deficit of UYU127.89 million and marking its sixth consecutive year of losses. Accumulated losses have reached around UYU800 million.
Of its 46 municipal employees, 35 accepted early-retirement arrangements, while the remaining workers are expected to be reassigned within the Montevideo Municipality, headed by Mayor Mario Bergara. The transfer closes more than a century of municipal involvement in a casino whose history dates back to 1909.
