Although Bermuda’s parliament legalized casinos eight years ago, it has taken all this time to grant the first casino license. That has finally happened and the Bermuda Gaming Commission (BGC) has issued the license to the St. Regis Hotel, which opened more than a year ago.
It wasn’t the commission’s reluctance to issue a license, but rather the hesitancy of banks to lend money to a casino that created the delay.
According to the commission “Bermuda’s established legislative framework for the licensing and opening of a casino involves a three-stage process,” and no firm date for opening the casino has been set. That will, it said, be “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 process included an in-depth suitability review. It added, “The Commission has determined that the applicant has met the legislative suitability requirements for a license under the Gaming Act and Regulations.”
The casino is required to create a compliance committee, to finalize internal controls that ensure compliance with regulations—plus the mundane aspects of recruiting and training employees, and purchasing and installing gaming equipment and systems.
Bermuda’s oldest hotel, the Hamilton Princess, has announced it also plans to apply for a casino license.
