A gambling and cryptocurrency tycoon is to build a ‘Bitcoin Cash' holiday resort in Antigua.

Canadian-Antiguan entrepreneur Calvin Ayre has made millions from investing in cryptocurrency and plans to build a five-star resort which accepts Bitcoin Cash, the controversial offshoot from Bitcoin which he backs, for online bookings and at all point-of-sale terminals.

Several people involved with Bitcoin created Bitcoin Cash last year, arguing that the cryptocurrency should be evolved to allow the handling of more transactions to compete with companies such as PayPal and Visa.

Calvin Ayre Media Group, which includes cryptocurrency news website CoinGeek.com, says Bitcoin Cash has been selected as the exclusive cryptocurrency “because it is the only cryptocurrency that has low transaction fees and unrestrained scalability”.

Design work is already underway on the development, planned to be the first of several ‘Ayre Resorts’ around the world, with works scheduled to commence on the site in late summer 2018.

Ayre, who also acts as special economic envoy for the government of Antigua and Barbuda, said: “In my discussions with government about the project we agreed that the new resort was very much in keeping with the government’s strategy for further upscale tourism development.

“This resort will attract a totally new market segment of tourism on the island – successful wellness seekers who also want to have fun.

“The property will not be an all-inclusive destination, instead its amenities will be available to residents of Antigua and Barbuda and visitors alike.

“I am confident that the type of guest we will attract will wish to explore Antigua – its culture and history, as well as all of our many diverse attractions and activities.

“We are focused on creating for a very special market, a world-class resort and unforgettable experience, but also one which benefits the broader economy across the whole island.”

Ayre Group said the resort will incorporate a wellness centre and spa, bars, restaurants, a convention centre and casino under the branding of Ayre’s online gambling company Bodog.