The Bermuda Gaming Commission (BGC) has granted the island’s first casino license to St. Regis hotel, which opened its doors at the east end 17 months ago.
However, no date has been set for an opening of the casino with several operational steps to be completed before the dice can start rolling.
Casinos were approved by parliament almost nine years ago during the previous One Bermuda Alliance administration, but banks have been reluctant to support them.
“Bermuda’s established legislative framework for the licensing and opening of a casino involves a three-stage process,” the BGC said in a statement.
It said following an extensive and in-depth suitability review, the Commission has granted Bermuda’s first casino license to Hotelco Bermuda Holding Ltd (operating as) St. Regis Bermuda Resort.
“The Commission has determined that the applicant has met the legislative suitability requirements for a license under the Gaming Act and Regulations.”
The statement said the issuance of the license permits the applicant to address steps to comply with all the legislative requirements to open the casino.
“These are predominantly operational in nature which will include, but are not limited to, the establishment of the casino’s compliance committee, the finalization of internal controls to ensure compliance with the statutory framework, the recruitment and training of employees, and the purchase, shipping, and installation of gaming equipment and systems.
“The opening date of the casino is entirely dependent on the casino operator meeting all legislative requirements for the opening which will be subject to the commission’s review and approval. The commission continues to be ready to effect regulatory and supervisory responsibilities,” the statement added.
In January, the BGC said it hoped a casino would open in June.
Premier David Burt said Hotelco, the developer behind the St. Regis hotel in St George’s parish, had submitted a formal application for a full casino license this summer.
The island’s oldest hotel, the Hamilton Princess, which opened in 1885, has formally served notice of its aim to have a casino.
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