Portugal Is Considering a Change in Its Gambling Tax Policy [...]
Bermuda Hopes Tourism Will Profit From Casino Gaming
- December 9, 2015 By Nemanja L. -
The small island country in the North Atlantic is already seen as one of the world’s most famous exotic destinations, but the government continues to work hard in an attempt to attract even more international travelers and at the same time boost the nation’s economy.
And they aim to do so with a little help from the world-famous casino gaming operators, who are showing interest in opening their branches in Bermuda after the country had passed a legislation that allows land-based casinos to operate on the island.
Casino Gaming Act 2014
The Casino Gaming Act was passed in December 2014 and it is supposed to allow no more than three brick and mortar gaming establishments to be built on the island.
The Bermuda Casino Gaming Commission (BCGC) is currently holding talks with five leading casino operators, meaning that two of those will probably miss out on the opportunity to offer their services to locals and tourists in Bermuda.
And with the 35th edition of the America’s Cup, the world-famous yacht race set to take place in Bermuda in June 2017, the Bermuda tourism minister, Shawn Crockwell, hopes that the first casino will have opened its doors by then.
The BCGC is expected to outline the set of rules for applicants by the end of the year, meaning that the first applications should be processed by March 2016.
New Jobs for Bermuda Residents
Bermuda Casino Gaming Commission chief Richard Schuetz believes that the country will profit a great deal from the casino industry and not only from the additional tax revenue that is expected to arrive.
Namely, the BCGC executive director expects the three casinos to generate around 22,000 direct jobs and another 40,000 openings that will be related to the casino industry, with the country residents expected to fill most of these openings.
At a time, when numerous attractive destinations around the world are going the extra mile to cope with the increased competition and ensure their operations remain successful, Bermuda appears to have found a perfect way to secure a steady growth in years to come, so there is a good chance that other similar countries will follow their lead.