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Bermuda regulator grants St. Regis Hotel license to open the island’s first casino – Yogonet International
Bermuda is set to open its first casino, as Hotelco, the developer behind the St. Regis hotel in St. George, was awarded a Gaming License by the Bermuda Gaming Commission (BGC). The announcement comes a year after the hotel submitted its license application. Thus far, no date has been set for the opening of the casino, as there are several operational steps to be completed first.
“The Commission has determined that the applicant has met the legislative suitability requirements for a license under the Gaming Act and Regulations,” the BGC said in a statement, adding that the issuance of the license permits the applicant to address steps to comply with all the legislative requirements to open the casino.
“These are predominantly operational in nature which will include, but are not limited to, the establishment of the casino’s compliance committee, the finalization of internal controls to ensure compliance with the statutory framework, the recruitment and training of employees, and the purchase, shipping, and installation of gaming equipment and systems,” the Commission stated, as reported by the Caribbean National Weekly.
Regarding the opening date of the casino, the Commission’s statement added that “it is 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 commission continues to be ready to effect regulatory and supervisory responsibilities,” the statement further reads.
Furthermore, in a statement on Monday, Bermuda’s Premier David Burt, said: “The hotel’s owners have demonstrated a genuine commitment to Bermuda and to the East End of the Island, and we truly value their contribution to the tourism industry and the community,” as reported by Travel Off Path.
He further explained how the development of the casino industry is one of the pillars of the Government’s Economic Recovery Plan and will bring further opportunities for investments in the country’s tourism industry.
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Bermuda’s Premier David Burt
Parliament first approved the development of Casinos on the island nine years ago. The St. Regis Hotel, which is located on the east side of the main island and opened in May of 2021, is set to be the first of Bermuda’s hotels to open a casino, but it likely will not be the last. The Hamilton Princess, the island’s oldest hotel, has also announced its intent to open a casino. Others are likely to follow.
According to local reports, prior to the pandemic, approximately 500,000 tourists visited Bermuda each year – now, after two difficult years for the hospitality and tourism industry, visitors are slowly returning.
Minister of Tourism Vance Campbell has said that inbound travel is at 56% of 2019 numbers. He also said that the tourists who do visit Bermuda are staying longer and spending more money during their stays. The average length of stay has increased by 11%, and the average spend is up about $500. This could be good news for the nation’s future casino industry.
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