Princess Await ‘Viable Path Forward’ For Casino
Hamilton Princess confirmed that Century Casinos “will no longer participate in developing a casino at the resort” and noted that they “paused our search for a new operator while we await a clearer roadmap from the Bermuda Casino Gaming Commission on a viable path forward.”
Peter Hoetzinger, President & Co-CEO Century Casinos, Inc., said: “We joined the Hamilton Princess Casino project eight years ago. In 2017, the project received a provisional casino license.
“Since then – for the last five years – we have tried to get this project up and running, but with the current legislative framework we do not assume this project can be realized in a reasonable time frame or at all. We have therefore decided not to continue our attempts to implement casino operations in Hamilton any further and to leave the casino project.”
A spokesperson on behalf of the Hamilton Princess & Beach Club, added: “We are disappointed that our designated casino partner no longer wishes to pursue the project.
“While we continue to believe that gaming represents an attractive amenity for Bermuda’s visitors, we have paused our search for a new operator while we await a clearer roadmap from the Bermuda Casino Gaming Commission on a viable path forward to seeing a casino open its doors.”
Back in 2017, the company said “the casino will consist of a main floor and a Salon Privé, for more exclusive gaming. The main casino floor will be 9,500 square feet” and “the new casino is expected to create 80-100 new jobs with the Hamilton Princess Casino, depending on the season” and “there will also be opportunities for local businesses during the construction phase.”
The law to allow casinos in Bermuda passed back in 2014, however the island has not yet had a casino open.
Renderings provided back in 2017 of the planned casino at the Princess
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“we await a clearer roadmap from the Bermuda Casino Gaming Commission on a viable path forward to seeing a casino open its doors”
So, there is no clear roadmap “on a viable path forward to seeing a casino open its doors”. So much for the fourth pillar of our economy.
How much tax payer money has been wasted with the Casino Commission over the years? What a great job to have, no accountability, no responsibility and no need for results. A civil service job to a T. This and the BTA should be closed and the tens of millions of dollars used to actually produce real benefits for Bermuda, not jobs for the boys and girls. To begin with, how about 2 new bridges in the East End, paid for and no new debt?
I keep hearing Govt can’t resolve the banking issue when it comes to BDA casinos and that’s causing this multi-year delay. (e.g. The US correspondent banks of Clarien, Butt Bank and HSBC have money laundering concerns etc…) Q: Who banks Bahamas’ casinos then? They must get their USD proceeds processed by someone.
The issue is that our grubby little politicians are too close to the Gaming Commission. Separate the two, make the Commission truly independent and you have a better chance of success.
Keep Mr. 15% away.
The “banking issue” is the political control the PLP Government has over the Gaming Commission. That is why Century Casinos has given up.
By exercising direct control over the Gaming Commission the PLP Government has ensured that no one will do business with a Bermuda casino, therefore there will be no Bermuda casino. And that satisfies a big portion of the PLP’s traditional supporters. There is nothing accidental about the lack of casinos in Bermuda.
Bingo!
Banking arrangements were in place prior to the PLP regaining power in 2017. Then Premier Burt and Jahmal Simmons said there is too much independence in the Gaming Commission and the PLP (not the Government) need to oversee the Commission directly and have direct decision making powers (which is a recipe for potential corruption). So the correspondent banks said no gaming proceeds will be banked by them.
This failure lands solely at the feet of a power hungry PLP. Just as the BTA has recorded failure upon failure since the PLP decided they were also too ‘independent’ for their liking.
So, are you saying that if the Gaming Commission reverts to being independent of Bda Govt control / influence, the US correspondent banks will permit the Bermuda banks to clear USD for Bermuda casinos? Do you know that for a fact? If so, there is a clear path to resolving this.
Yes and yes. If only the PLP would give up their power hungry ways and repeal the amendments they made to the Gaming legislation in December 2017. Their undying thirst for power will never allow them to make such a sensible move. They are for themselves and themselves only.
Is it “power hungry ways” or is it something else?
A Gaming Commission that has no casinos to regulate does not wield much power. So ask the question, did the PLP Government amend the law to allow political control over the Commission for the sake of acquiring power or did the PLP Government amend the law to ensure (in an obscure way) that organised gaming would not occur in Bermuda, thus pandering to a large group of supporters?
Sounds like a scam to me because they made how many people pay for a gaming license, that never actually existed
Meanwhile, Casinos are opening left, right and center on the US east Coast. The latest one opened in
Newburgh, NY over Christmas. Who needs Bermuda anyway? We are Small matters with BIG problems at the hands of greedy and self-Centered politicians.
We can’t keep our own roads and bridges straight. Lightbulbs to everyone, lies! The Rat and Chicken population has skyrocketed with trash being ripped apart weekly.Then, dive into inner-Governmental Departments, they are wasteful and equipment way outdated, that includes trucks and machinery. Do you think top chief and his colleagues really cares? Our condition as a jurisdiction has become shameful and an embarrassment, and way to expensive for the sickening quality of life here. Anybody who stands to make a ton of money with fresh business ideas, the Government shuts them down immediately to save face, or try to monopolize. This has happened to others before. They can’t stand someone else’s success.
Your Boy will find much richer soils opening his casino elsewhere. He won’t be back, the Government and the banks shut him down. That was a SLAP IN THE FACE!