Bermuda Remains Casino-Free but Gives Generous Salaries to Gaming Commission Officials
It looked like Bermuda was going to have its very first casino a year ago, but political strife halted any progress. There's no gaming currently in this British Overseas Territory (BOT). Yet, there's still a functioning Bermuda Gaming Commission (BGC). Some of those employed by the commission receive hefty paychecks, with six-figure salaries.
Finding out exactly how much these executives make has been a challenge. The Royal Gazette (TRG) has been attempting to uncover this information, but the BGC refuses to reveal it. The commission's management and legal team consider it privileged information.
The little salary information the BGC has released suggests some executives might be earning up to $225K a year. Established eight years ago, the commission's existence has left many questioning why the government funds it to the tune of millions of dollars annually without any operational casinos.
Inflexible Supervision
TRG has revealed various salary ranges for the BGC's higher-ups. Dwight Furbert, who oversees human resources and finance, is said to be earning between $150K to $200K. On his LinkedIn profile, he's only listed as an employee of the Bermuda Government, although he's also mentioned as the VP of Finance and Operations for the Bermuda College Foundation.
Marvin Hanna, director of legal for the BGC, comes in at a slightly lower salary range of $125K to $150K. CEO Charmaine Smith's earnings are between $175K and $225K.
TRG has asked the commission for more specific salary information, even going as far as filing a request under the Public Access to Information (PATI) Act in Bermuda. This act, similar to the USA's Freedom of Information Act, allows Bermudans to ask for information stored in public authority records, like those maintained by the BGC.
But the commission—specifically, Hanna and Smith—thinks it doesn't have to share the details. Instead, they consider providing only salary ranges to be sufficient transparency.
Their numbers suggest the average yearly costs for these employees, along with Director of Regulation Olu Bademosi, could be around $685K. However, it should be noted that not all these executives have been in position for a year.
In addition to these employees' salaries, the BGC also pays its board. It was previously disclosed that the total paid to the board could be around $85K.
This translates to the BGC's leaders getting at least $770K annually. A PATI Act request this year showed that there's also an executive administrator, a research analyst, a licensing and compliance officer, a compliance inspector, a licensing inspector, and a technology and compliance officer. Their salaries haven't been disclosed.
Lack of Advancement
Bermuda was close to adding two casinos: one at the St. Regis Bermuda Resort and another at the Hamilton Princess & Beach Club. Neither has taken off the ground. The first casino's location at the St. Regis Bermuda Resort has yet to see any development. The second casino planned for the Hamilton Princess & Beach Club lost its casino partner earlier this year when Century Casinos backed out.
So far, no casino gambling has appeared on the horizon. If the government is actively working on it, they haven’t mentioned it to the public.
Since its inception, the Bermudan government has granted the BGC $3.76 million. They've also provided interest-free loans of $2.1 million and lending rights nearly reaching the $10 million mark, which can be secured through a government guarantee.
The BGC’s financial situation remains unclear. Despite having two financial officers and a local accounting firm on retainer, the commission hasn't publicized its audited finances for the past three years.
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Source: www.casino.org
