A casino operator could drop a project over the high costs of business.
Bermuda.- Progressive Labour Party MP Zane Desilva confirmed that a casino operator is considering leaving Bermuda over the high gaming fees that the industry is facing. Several officials said that the regulations are not ideal for future investors.
According to Royal Gazette, Independent MP Shawn Crockwell, who opposed the regulations passed in Parliament, said that the high cost of business is unpopular among a number of stakeholders and that people specialised in the industry weren’t consulted when they were creating the regulations. The newspaper confirmed that that they’re now headed to the Senate.
“I was told consistently that we were looking at nothing more than $1 million that would be the highest. I was quite surprised to see the fee set at around $3 million,” Mr Crockwell said about charges for casino operators. “I spoke to about three very prominent individuals who were surprised, astounded, at the high levels,” he added.
“We wanted to have amenity casinos to support hotels by providing entertainment for guests and to create a certain revenue stream, but it was not supposed to be for the Government’s moneymaking, The initial approach was that we wanted to help hotels, particularly new developments. Now we are going down a road of seeing Bermuda as a gaming jurisdiction, and that’s never going to happen.”