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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

Accused fraudster, Luis Milanes shutters Europa, Radisson casinos; fires 220 workers

Luis Angel Milanes (Archive image).

Luis Angel Milanes (Archive image).

November 18th, 2014 ( Accused high-yield investment fraudster, Luis Milanes shuttered his casinos at the Europa and Radisson hotels in downtown San Jose, firing all 220 staff members.


Milanes, a 63-year-old Cuban American accused of defrauding some 500 mostly American and Canadian investors out of $46 million when his Costa Rica-based high-yield investment program, Savings Unlimited closed down 11 years ago, will face a criminal trial in July of next year after failing to comply with the terms of a settlement agreement with his alleged victims.


Neither Milanes nor the hotels’ management have issued any formal statement regarding the closures.  Several phone calls made by Inside Costa Rica to the Hotel Europa were immediately disconnected after being answered.


Editor’s note: This story has been edited or corrected.  Please see our corrections page for details.


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  • disgsted

    What bad timing for the workers. Now most likely no Christmas bonus aguinado. That is who suffers loosing their jobs the everyday hard workers. What about all those who made reservation staying there. Something here stinks!

  • USMCNamVet1969

    I will tell you what stinks, I know for a fact that an investment group from Venezuela has been trying to purchase the hotels and casinos for over 2 years which would have given Mr. Milanes the money to pay his fines and his investors and the deals were stopped by the CR government. This is a fact.


    Another Merry Christmas to Costa Rican Workers. This hotel should be taken over by the goverment and sold to pay for the shit this guy stole. Whats unemployment now in CR 25% and 789.000 with no real job according to UN. Still such a happy country. When are the people going to start standing up against corupt CR goverment.

  • Ken Morris

    I have a soft spot in my heart for Hotel Europa, since it’s the first place I stayed when visiting CR (and I liked it), but this guy sure seems a piece of work. Either that or there’s stuff we don’t know.

  • Michael Clarkson

    CR deserves this and much more, years of bar Karma is catching up.

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