Construction, Latvia, LIVE RIGA, Markets and Companies, Real Estate, Tourism

The island, which lies in the river Daugava in central Riga, could see the building of luxury hotels, casinos, an indoor ski slope and an amusement park. The overall cost of the project is estimated at around EUR one billion (LVL 700 million), and American companies operating in the real Las Vegas have been mentioned as possible investors, informs LETA.

Previously, plans were being made to develop large 12-story to 28-story apartment buildings on the island; however, the project never moved beyond the planning phase, and with the drop in demand for real estate, is no longer a current issue.

The proposal to develop a huge relaxation and entertainment complex on the island was put forward by Ainars Slesers following a recent visit to the United States, during which the Riga deputy mayor also visited Las Vegas.

Ivars Gaters, chairman of the council-owned building company Rigas pilsetbuvnieks, believes the project could compete with Disneyland Paris, and attract a great number of visitors to the Latvian capital.

A recent attempt to attract investors at the Cannes real estate exhibition "MIPIM-2010" proved unsuccessful; however, Riga could be visited in late spring by representatives of U.S. companies with whom Slesers established contact on his recent U.S. visit, such as Sands, MGM, and Stations Casinos, all of whom operate in Las Vegas.