Since Jamaica voted in late 2012 to open the island to casino gambling, investor consortiums, casino operators and Wall Street firms have started to scope out the potential to create a “Las Vegas of the Caribbean.”

“Jamaica is an island paradise,” said Joel Langer, president of International Investment Auction. “This idyllic setting is the perfect place to create core casino operations, with a host of spinoff entertainment options for every taste.”

International Investment Auction has assembled an initial portfolio of four prime real estate sites suitable to casino investment and will auction off the properties on April 29, 2013.

“We expect to see the value of prime Jamaican real estate to climb 30 percent to 40 percent over the next 5 years as a direct result of the recent legislation,” said veteran auctioneer Langer. “The Caribbean has long been a favored destination for East Coast and Midwest vacationers, and we believe the introduction of sophisticated gambling operations in Jamaica will have a strong, additional appeal.”

Jamaica had approved a law two years ago that legalized casinos, but new measures approved last November now allow those interested to apply for a gambling license.

Jamaicans expect expanded casino operations to create approximately 33,000 jobs, a welcome jolt to the island economy’s nearly 13 percent jobless rate.