Bermuda Government Secures $10 Million Assurance for Casino Regulator, Despite Absence of Operational Casinos in the Region
Delays in the launch of Bermuda's casino industry have been persisting, but the government is now providing the Bermuda Gaming Commission (BGC) with $9.8 million, as stated in reports from Bermuda's Royal Gazette. This financial support is significantly higher than the amount given to the regulator in 2018 and more than triple the funding provided in the previous fiscal year. This move comes shortly after plans to introduce casinos in the British Overseas Territory (BOT) started to unravel.
The Royal Gazette's report revealed the government's budget for the 2023-24 fiscal year, which exposed some puzzling discrepancies. For instance, the Bermuda Tourism Authority will only receive $5 million.
Hotel Bermuda Holdings Ltd (HBH) will be guaranteed $25M. According to government records, HBH is part of the development group responsible for the "St. Regis Luxury Hotel, Casino, Spa and Golf Resort in St. George’s," as described by the government in 2017.
The Royal Gazette tried to investigate the increased funding, but the Ministry of Finance and the BGC evaded the inquiry, reportedly too busy to respond to the inquiry's suspicions.
Where's the Casino Now?
Initially, the territory aimed to build casinos, with the gaming revenue meant to fund the commission. However, the BGC has faced numerous setbacks in the eight years it had to establish the necessary gaming framework, making it highly unlikely that the territory will see a new gaming property in the near future.
In January, Century Casinos withdrew their plans for a casino at the Hamilton Princess & Beach Club resort. This would have been one of the two casinos planned for Bermuda. The continued delays and uncertain future led Century officials to reconsider their decision.
Shortly after that announcement, the second property, the St. Regis Bermuda Resort, also started to question its future. The St. Regis already received approval for a casino but has yet to launch it due to regulatory confusion.
Big Money for BGC Staff
The BGC was established in 2015 under its first director, Richard Schuetz. During his tenure, Schuetz was paid a government-approved salary of $215K annually. He later resigned after deciding that Bermuda wasn’t showing enough commitment to casino gambling.
Under the regulator's charter, Schuetz recruited four additional staff members, costing $1.1 million in the first 19 months of operation.
There are currently 11 filled positions out of 14 available. These positions include the chairman, deputy chairman, and three commissioners, in addition to the 11 staff members. These staff members earn annual salaries ranging from $22K to $15K.
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