Crusino plans to sell 1,300 suites to investors

Crusino plans to sell 1,300 suites to investors

Podiumspot Capital Group has an offer investors can’t refuse.

Crusino plans to sell 1,300 suites to investorsThe Kuala Lumpur-based company recently launched the design features of Crusino, which it claims to be the world’s largest casino cruise ship. Crusino, which will measure 295 meters in length and 36 meters in width, is expected to take three years to complete. Once completed, the ship will feature the largest casino on sea with two special decks with a combined floor size of more than 190,000 square feet.

“Crusino aims to bring Las Vegas to the seas,” said Tim Leonard, the CEO of Podiumspot Capital Group.

Taking a page from real estate development, the company plans to offer 1,330 of Crusino’s suites to investors.

“These rooms, luxuriously and spaciously appointed, will be offered for sale to ‘investors’ from prices ranging between $350,000 and $1.2 million per unit,” Leonard said. “Buyers can lease it back to the management for a guaranteed rental return of 8% p.a. for the first 10 years. Thereafter, buyers will be entitled to a profit sharing agreement, subject to terms and condition, throughout the 40-year leasehold which is actually the ship’s lifespan.”

Interested buyers will be subjected to credit and background checks as well as proof of a primary residence to qualify. This, Podiumspot said, is “a measure to prevent money laundering activities.”

Crusino will have “two special decks” dedicated to gambling, featuring “the largest casino on sea.” The staterooms will also be equipped with two plasma television sets, which can be used for regular entertainment purposes as well as to allow occupants to participate in live casino games from their rooms.

Podiumspot said the cruise ship will feature a first-of-its-kind fully touch-screen slot machines in its casino, replacing the traditional bulky slot machines that are commonly found in casinos today. There will also be arcade games allowing guests to play for money and a host of interactive gambling features that are specially designed by the company.

Leonard estimates the casino cruise ship’s construction cost to be about RM2.5 billion ($560 million). The ship is planned to be built at shipyards in China or Vietnam, but Podiumspot noted it is still in final stages of negotiations with a couple of shipyards around the world to undertake the ship’s construction.