Representatives of the operators of Bermuda’s newest large hotel, the St. Regis, are to hold talks next week about the future of the east end resort’s casino plans.
Senior officials from the Marriott group, which operates the St. Regis, which opened in 2021, are flying in for urgent discussions about the casino. The move follows the collapse of a bid to introduce casino gambling at the Hamilton Princess & Beach Club, the island’s oldest hotel,
The Royal Gazette newspaper said it was not clear if the Marriott representatives will meet the Progressive Labour Party (PLP) government or members of the Bermuda Gaming Commission (BGC).
The newspaper has quoted informed sources as saying that a major deterrent for US banks to become involved in creating a casino business is a perception that Premier and Tourism Minister David Burt has “too close” a relationship with the BGC, which regulates gambling on the island.
The insiders have also claimed that the legislative regime imposed by the PLP government is too cumbersome and wide-ranging to attract investment to a small market such as Bermuda, the Gazette reported.
Century Casinos announced last week that it had withdrawn from a planned casino at the Princess, alluding to too much red tape. The hotel said it had also ceased searching for a new operator until the BGC was able to provide a “viable path forward”.
“This is not about politics, or personalities, it is about a power structure,’ the Gazette reported.
A government spokeswoman said a solution to the banking issue had not materialized so far.
Legislation passed in 2014 during the One Bermuda Alliance’s one term in office allowed for a maximum of four casinos on the island and created the Bermuda Casino Gaming Commission.
The Princess received a provisional casino license in 2017.
Premier Burt had predicted in 2021 that the island’s first casino would be open by the end of that year.
The creation of a casino industry has been highlighted by the government as one of its four key drivers of economic growth in the near future. The island is currently grappling with a national debt of US$3.35 billion.
Another key initiative is currently in a state of flux with the push for vertical farming put on hold after an overseas company behind the scheme reported huge losses.
CMC/
