Tourism raised ~$304 million in projected CTPR credits for Esencia

On August 28, 2026, NotiCel (Carlos González) reports that the Puerto Rico Tourism Company (CTPR) raised projected tax credits for Esencia in Cabo Rojo by about $304 million: the original credit of $193,885,035 became an alternate credit estimated at $497,691,636. Credit / decree ≠ cash already paid.

Proponents —then as Cabo Rojo Resort and Spa— sought benefits in 2019 under Act 74-2010. Carla Campos (then CTPR executive director) issued a Master Concession to Cabo Rojo Land Acquisition, LLC, with an estimated cost of $645,283,450. In December 2024, Carlos Mercado Santiago amended and restated the concession: the project was renamed Esencia, cost rose to $1,244,229,092, and the alternate credit was authorized. The proposal includes 1,132 tourist residences, five hotels with 530 rooms, two urban centers, two golf courses, a school, medical and religious facilities, recreation areas and an agricultural component. The decree requires 950 employees once six phases are complete.

At the Senate Innovation, Reform and Appointments Committee hearing, Sen. Adrián González Costa (PIP) said the decree looked approved “backwards” and warned the government would forgo about $500 million. Raúl Márquez (CTPR) clarified the figure is a projection: phases must be finished, compliance shown and an audited report filed before credits are approved. CTPR also recommended two hotels in phase one, noting the design is primarily residential. Hearing claim ≠ building permit; tourism credit ≠ public water CIP. Primary: NotiCel 28 Aug 2026.

Source: NotiCel. https://noticel.com/en/noticias/legislatura/20260828/turismo-incremento-en-304-millones-los-creditos-contributivos-para-esencia/