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Feb 6, 2012

Exclusive Pickwick Club fallen into receivership

There is another story that reflects on the investment climate and that is that the exclusive Pickwick Club has fallen into the hands of receivers. This morning former B.D.F. Colonel, Robert Garcia, was appointed to take-over management of the Club on behalf of Atlantic Bank. Pickwick had taken out a loan of eight and half million dollars from the bank whose investment arm, Atla Corp, took twenty-five percent shares. The bank gave Pickwick at the end of December, an undertaking that it had until the end of March to pay off the loan, but unknown to the club, the bank sent the receiver this morning. There is word that Atla had come under pressure from the Central Bank to reduce their shareholding. The multi-million dollar loan was for the new casino facilities that is nearing completion on the barracks. According to Billy Musa Senior, a director, Pickwick had secured a casino license, which it has been paying for four years, on the condition that it completes fifty rooms and further had a commitment with the Gaming Control Board that the nearby Princess Hotel was going to rent the casino. Notwithstanding the Bank moved in today taking the Pickwick executive by surprise well before the deadline to make good on the loan.

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7 Responses for “Exclusive Pickwick Club fallen into receivership”

  1. Be Real says:

    Investment climate or the fact that these people no longer have access to DFC and SSB money?

  2. busha says:

    good thing too, what a waste of good property for a totally useless class of people, who have done nothing but pillage and rape the common working people with ridiculously low wages, and substandard working conditions…

    Glad to see this happen, sell the property and put up another useless structure i say…

  3. western says:

    Am sure that casino license was granted just before the 2008 general elections. They have been patiently renewing their licenses for four years hoping that they would get back to power and continue milking the belizean poor. Unfortunately for them, the bank does not want to wait any longer. Imagine, four years and they cannot complete the project. The old guard pup has nothing to change.

  4. Al says:

    The last thing Belize need at this time is another casino. Stupid are the people who think they can beat the casino. Casinos are a businesses, they operate to make a profit, the only way that can happen is if the idiot people who put their hard earned cash into their machines loose their cash. So stop being fooled by the few who may get little back as winnings, ask them how much they lost before they got the little they may have hit. Stop being stupid people start thinking for yourselves.

  5. J girl says:

    I agree with u Al. Casinos are a Gambling center. a gamble where almost a 100% is profit for the owners.

  6. Earl Grey says:

    Times HAaad out ya… EVEN FOR THE G-8!!!

  7. Gordon says:

    Is the Pickwick Club now closed, and what has the PUP, now doing now?. Is it still in receiveship?.

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