Atlapa hot potato passes to new government

THE FAILED attempt to sell Panama’s Atlapa Convention Center is another addition to the sack of hot potatoes left behind for the incoming government.

It joins the 35 cent ticket for the Metro Subway, falling tourism, decreasing Canal revenue and mounting debt resulting from the infrastructure push during the Martinelli era. Martinelli’s advisors had suggested a fare of between 75 cents and a dollar for the subway fare, and the 35 cent price is widely believed  to be a dagger thrust from the outgoing president whose favored candidate was defeated in the election.

The decision of whether to sell the event center after three failed attempts to auction it, will be left to the Juan Carlos Varela administration
According to Law 22 on public procurement, after three attempts at an auction the state should proceed to selling the property for $62 million, ie 50% of the original sales price. However, it will be the government of Juan Carlos Varela which will assess and decide whether to continue with the sale process or follow suggestions from the business community about the value that the state could find in this piece of infrastructure in the promotion of trade and culture.

Salomon Shamah, outgoing administrator of the Tourism authority, said that they are not looking for buyers for the building or the 55 thousand square meters on which the convention center is built “This year it is estimated that Atlapa will generate revenues $1.9 million, while the operating cost for the structure, which is 35 years old, is over 2.5 million. If Atlapa is not sold, the state will have two event center taking into account the one that is currently under construction in Amador reports CentralAmericaData