Bermuda: Casino plans at St Regis Hotel surrounded by uncertainty, according to insiders

The future plans to develop a casino at the St Regis Hotel in Bermuda have been called into question, according to local media, after owners of the resort were unable to say whether or not the project is going ahead. A decision by the venue to end its bid to set up a gambling hub would be a major blow to what the Government has touted as a key economic plan.

The uncertainty surrounding the St Regis Hotel’s casino plans follows the collapse of an initiative to set up a gambling venue at the Hamilton Princess & Beach Club in January. That project was slated to generate 100 jobs on the island, but Century Casinos pulled out of its plans to develop the casino after being involved in the efforts for almost a decade, citing an unfavorable legislative framework and an inability to complete the project in a reasonable time.

Asked by The Royal Gazette if the casino bid had been abandoned, or stalled, a spokeswoman for Hotelco, which owns the St Regis Hotel, declined to comment. The Government and the Bermuda Gaming Commission have also both failed to respond to requests from The Royal Gazette for clarification regarding the situation.

Bermuda Premier David Burt

Creating a casino sector has been identified by the Government as one of four key engines of economic recovery. Bermuda Premier David Burt has made the creation of a casino industry a signature policy of his administration, announcing sweeping changes to legislation regulating the sector last month. The Premier loosened controls on what type of casino would be allowed on the island by letting the BGC consider a variety of options submitted by would-be operators.

However, industry stakeholders argue that foreign involvement, particularly from required US correspondent banks, is being put off by the appearance of a lack of independence for the BGC, notes The Gazette. Burt, who is also the Minister of Finance, announced that gaming would fall under that government department earlier this year instead of being led by a minister appointed by the Premier. 

Insiders told the cited source that the “number one obstacle” to attracting foreign interest in casinos on the island is that the Premier and Minister of Finance “are the same person and have influence over the BGC.” The St Regis resort, in St George’s, was granted the island’s first casino license in October, but no date has yet been announced for an opening.