Casino Gaming Commission Annual Report
The Bermuda Casino Gaming Commission is “temporarily economically dependent” upon the Government and received a $3.76 million grant, and the Government has “now advised the Commission to seek commercial funding going forward.”
This was stated in the Bermuda Casino Gaming Commission Annual Report for the period spanning September 1, 2015 to March 31, 2017, which was among the documents tabled on Friday [Feb 15] in the House of Assembly.
The report said, “The Commission is temporarily economically dependent upon the Government of Bermuda and received a grant of $3,760,000 to cover operational costs. The final installment of $610,000 which was due to be received by 31 December 2016 was received subsequent to the year end on 13 April 2017.
“The Government has now advised the Commission to seek commercial funding going forward. At the time of producing these financial statements, the Commission has discussed commercial funding with a local bank with the intent for this funding to be supported by a Government Letter of Guarantee.”
According to their website, the Bermuda Casino Gaming Commission “commenced operations in 2015 based on the enactment of the Casino Gaming Act 2014″ and the organization is “responsible for regulating the casino gaming industry.”
While the law was passed a few years ago, the island does not actually have any casinos at this time, and the report notes, “Although there are presently no casinos in Bermuda, BCGC is required to establish a robust regime, which is compliant with FATF standards.”
The BCGC Annual Report follows below [PDF here]:
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A two-year-old report? It’s all bizarre.
Everything about the PLP government and those associated witht them is bizarre. It seems like we are living in a third dimension.
Since the PLP took over the Gaming Commission it has done nothing but fight court battles. PATHETIC. All of the PLP need to resign. They cannot manage anything without it going to
there will not be a casino in Bermuda..2 year old report? chuck it out the PLP is now in and there will not be any casinos
The PLP insisted on controlling the Commission. Now they don’t want to help pay. Utter incompetence surrounds this mess.
This government is getting as bad as DrEB and Paula’s reign.God help us
Well, so much for the rationale for taking away the autonomy of the BCGC! It is NOT publicly funded so the Minister of Finance should NOT be able to remove members at will.