The Mashantucket Pequot Tribal Nation is partnering with a Miami hospitality investment firm to renovate and reopen a new casino at the historic Fairmont El San Juan hotel in Puerto Rico, the tribe announced this afternoon.
The venture is the first casino project outside of the continental United States for the Pequots.
The tribe plans to put $12.5 million into revamping the 15,000-square-foot casino on the 15-acre resort property, which is set on a scenic beach near Old San Juan. The hotel first opened in 1958 and became a regional hotspot in the 1960s after Cuban casinos were shut down by Fidel Castro.
The Pequots’ partner in the project, LionGrove LLC, has already invested $125 million in the resort, first to update the property and then to restore it after Hurricane Maria in 2017. The hotel is part of the Accor Live Limitless chain.
“We are well positioned to deliver new experiences and growth to the island of Puerto Rico,” said Mashantucket Pequot Chairman Rodney Butler.
Butler said the tribe expects the new casino to generate $22 million in annual revenue for Puerto Rico and to create 150 new jobs on the gaming floor alone.
The casino, to be named the Foxwoods El San Juan Casino, has the potential to help the island recover from the tourism slump caused by the devastating hurricane and the COVID-19 pandemic, Puerto Rico Governor Pedro Pierluisi said.
“It will be a beacon of hope for our future,” Pierluisi said.
