Bermuda Announces Reforms to Approve Casinos, yet Optimism Swiftly Wanes
In the wake of ongoing delays in establishing casinos, Bermuda is implementing legislative changes. However, some industry experts question if Bermuda will ever see a gambling establishment due to the government's handling of the project.
Century Casinos recently announced that they abandoned plans to build a casino at the Hamilton Princess & Beach Club, after waiting over nine years for Bermuda to finalize their casino regulations.
Following this, the St. Regis Bermuda Resort, which received a gaming license last year, now worries about its future prospects. According to Bermuda's The Royal Gazette (TRG), Premier David Burt is attempting to address these concerns.
Upcoming Gambling Reforms
In a discussion with legislators, Burt, who is also the Finance Minister, proposed new reforms aimed at kickstarting the gambling industry. He suggested abandoning the integrated resort model, as he told the House of Assembly, "It's apparent that making the integrated resort model the sole option for casino operation in Bermuda is a flaw in the existing framework."
Instead, Burt thinks operators should have the freedom to choose the model that best suits them. To achieve this, he plans to revise the Bermuda Gaming Commission's (BGC) charter to accommodate these choices.
Additionally, the BGC will be brought under the purview of the Ministry of Finance to ensure regulatory accountability, as Burt stated, "To strengthen the BGC's regulatory responsibilities, these amendments will be accompanied by a revised definition of minister, positioning the Minister of Finance as the minister, much like the Bermuda Monetary Authority."
Burt attributes the persistent delays to the previous administration's inactivity. However, he claims that the changes he proposes will overcome these hurdles and facilitate the growth of the gambling industry.
The Bermuda Gaming Act was approved by lawmakers nearly nine years ago. Since then, there has been minimal progress in advancing gambling activities in the island territory. Burt became Premier of Bermuda almost six years ago, in July 2017.
Pessimism Regarding Casino Prospects
As Burt has had six years to address the issue, the lack of progress has some questioning his administration's handling of the matter. TRG cites various business and hotel industry insiders who attribute the lack of gambling establishments to "government control over the BGC."
Cole Simmons, leader of the One Bermuda Alliance, disagrees with the Ministry of Finance governing gambling. He views this as a significant obstacle, stating that the banking sector is reluctant to support gambling due to this involvement.
Furthermore, an unnamed insider paints a grim picture, claiming that the government's mismanagement has led US banks to refuse collaborations with casinos in the territory.
Without these financial institutions, Bermuda cannot initiate gambling operations. Consequently, the insider argues, "It is increasingly clear that a casino in Bermuda will never materialize."
Technically, Bermuda is not part of the Caribbean. However, it is often associated with Caribbean travel due to its own marketing efforts and its position as an associate member of the Caribbean Community, a regional intergovernmental body.
Data from Expedia.com indicates that there are over 650 casinos across the Caribbean. They've managed to integrate themselves into the gambling industry. It remains to be seen if Bermuda is ready to join them.
