The Premier and Minister of Finance the Hon. David Burt, JP, MP, has tabled amendments to the Gaming Act as promised in this year’s Budget Statement.
The Bill tabled today specifies the Minister responsible for the Commission as the Minister of Finance and provides the Bermuda Gaming Commission with the power to modify or vary a regulatory obligation under the Act or Regulations on being satisfied of certain prescribed criteria.
The Premier and Minister of Finance said, “These amendments will allow the Commission to consider applications from licensees for potentially cost saving operational modifications that may compliment a hotel’s intended operations, whilst maintaining sound regulation for smaller, amenity style casinos.”
In addition to the gaming amendments, the Minister of Tourism and the Cabinet Office, the Hon. Vance Campbell introduced further legislation in support of the redevelopment of the Fairmont Southampton Princess.
Minister Campbell said, “As we near the final closing of the financing and the commencement of work at the site, this legislation is necessary to provide for the commercial structure that underpins the Government’s support of the local lending for the redevelopment. This Bill follows amendments to the Public Treasury (Administration and Payments) Act 1969 to be passed in the House today. As the Premier indicated in the Budget Statement, this legislative package “...strengthen(s) the protections for the Government of Bermuda in the provision of the $75m guarantee of local lending to support the redevelopment project. The unique arrangement for the repayment of that loan requires our legislation to be modified to facilitate the structure of the loan agreement. The proposed changes will add necessary certainty and security as the Government is determined to apply best practice and fulfil all necessary due diligence as it is the people of Bermuda who are supporting this critical redevelopment project.”
Both Bills will be debated on March 24th in the House of Assembly.