Delays seem to be a thing of the past. Construction is moving full steam ahead on the new Cipriani Ocean Resort, Residences & Casino in Punta del Este, Uruguay—an ambitious oceanfront development designed by Rafael Viñoly, featuring the recent sale of a US$17 million penthouse unit, marking a high note in the project’s momentum.
The complex—anchored by a freshly reimagined casino and a luxury resort—has now sold 40% of its first tower, including one of three ultra-luxury penthouses valued at US$17.1 million to a European buyer. With an estimated total investment exceeding US$600 million, this stands as one of the most significant developments in Punta del Este’s history.
Construction, which began in early 2023 with the restoration of the historic Tudor-style San Rafael Hotel, has progressed rapidly. Phase 1 includes a casino floor, 64 high-end hotel suites, and 68 luxury residences, along with private beach club infrastructure. Critics had feared delays, but recent loan commitments totaling US$190 million from Beach Point Capital and Sparta Capital are fueling new energy into the build.
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Beyond the solid financial backing, the project has garnered political support and legislative attention. Uruguay’s Senate is actively discussing broader online gaming regulation, which could position Cipriani as a first mover once the legal framework is approved—particularly for digital casino operations linked to the luxury resort.
This dual momentum—physical construction and regulatory alignment—signals that Cipriani is not only building high-end real estate but also positioning itself as a leading player in Uruguay’s evolving gaming landscape.
