The launch of a digital bank will be pivotal in opening a casino in Bermuda, where banks have been a barrier to gambling expansion.
Bermuda.- Bermuda’s first casino is set to open in 2021, five years after the government passed the territory’s Casino Gaming Act.
The premier of Bermuda, David Burt, has announced that the country will see its first casino this year after his cabinet approved plans for a digital bank.
According to Burt, banks have been a large barrier to the development of a casino on the islands due to their refusal to handle profits from gambling.
In November 2019, cashless betting was approved, representing a step forward for gambling in the territory.
Burt said: “I am expecting certainly that we’ll have a casino, at least one casino, operating in Bermuda this year and we’ll continue to work on that.
“But it has not been easy. If it would have been easy, we would not be sitting here in 2021, about seven years after the former Government passed the Casino Gaming Act, without a casino in the country.”
The 2016 Casino Gaming Act requires casinos to be integrated with a resort. At present, there are four resorts eligible for a licence, one being St. George’s resort which already holds a provisional license from the Bermuda Casino Gaming Commission.
But Burt said the implementation of a digital bank was “not going to be an overnight project”, making things difficult for a potential casino.
He added: “We have a challenge when it comes to our banking structures, and a challenge when it comes to new, different and innovative industries having access to a financial system so they can transact their level of business.”