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Created: Mar 14, 2026 08:02 AM
Deal or no deal? Legislators hear of a flip in fortunes for getting gaming off the bottom in Bermuda (File {photograph})
The Government is offering the requisite help for the island’s stalled gaming sector to materialise, the Premier insisted yesterday.
David Burt advised the House of Assembly that communications with the US Office of the Comptroller of Currency, the first federal regulator for the US banking system, had resolved the deadlock over correspondent banking that had hamstrung gaming in Bermuda.
He added: “Now we just need to make sure that we have the local demand so that those particular matters can get up and running.”
The Premier made the declare in responses to questions by Ben Smith, the Leader of the Opposition, on whether or not the Government’s gaming coverage had “failed”.
It adopted a remark final week by the Premier on an absence of urge for food from the non-public sector to advance a gaming trade.
Hope but for nascent on line casino trade: David Burt, the Premier (File {photograph} by Blaire Simmons)
Both the Hamilton Princess & Beach Club and the St Regis resort in St George’s have tried unsuccessfully to ship casinos.
Mr Burt advised MPs that “casinos which are licensed” in Bermuda have been inadequate to muster banking companies.
“That is the reality of the situation; that is what has been stated — the Government cannot bank the proceeds of gaming.”
Although the problem dates again to 2014, when the Gaming Act 2014 was handed, Mr Burt stated: “We are at least in a positive place where banks are willing to bank the proceeds of gaming.
“The question is the volume which is required — and unfortunately, the only casino that is licensed for operation does not have the volume that the private sector is willing to support.
“So when there is a future opportunity for more casinos to come online, then we are hopeful.
“But this is just a practical reality where we find ourselves.”
He advised the House that earlier pledges by casinos and a industrial financial institution to help gaming had made it appear viable as an trade — till the would-be banking companion proved unwilling.
Mr Burt stated a earlier US administration’s sharper scrutiny of correspondent banking had forged a chill over gaming.
He added: “We now have a new administration in Washington DC who has removed some of the challenges that were posed towards correspondent banking based on reputation damage on both the domestic side and also the international side.”
Noting the requisite rules in place and tens of millions spent, Mr Smith requested the Premier who needs to be “held accountable for us not having an operating casino in Bermuda”.
Mr Burt responded: “If the Government is to be held accountable, then the Government will open its own casino.”
He stated creating the trade was a matter for the non-public sector to determine.
Mr Burt stated: “Hamilton Princess … because the banking partner that did say they were going to provide casino gaming, backed away from that — that is their choice, that is their decision”.
In January 2023, US gaming firm Century Casinos, which had sought a on line casino on the resort, pulled out of the venture blaming persevering with delays.
The resort has stated it has additionally ceased looking for a brand new operator till the Bermuda Gaming Commission supplied a “viable path forward”.
In October 2024, Laura Purroy, of Hotelco Bermuda Holding Ltd, co-owner of the St Regis, advised The Royal Gazette that the refusal of native banks to deal with gaming proceeds led to the plug getting pulled after million have been invested and a on line casino was “fully in place”.
She stated the resort, dissatisfied with the island’s regulatory regime, opted out of paying its $600,000 licence difficulty charge to the gaming fee as soon as it turned clear the venture couldn’t proceed.
Last Friday, the Premier advised the House that the Fairmont Southampton held a on line casino licence and will revive curiosity in gaming.
However, yesterday he clarified: “The Fairmont Southampton has a designated site order … in the future they may get a casino licence and that may provide the sufficient volume for the private sector to bank the industry.”
A spokesman for the homeowners of the resort advised the Gazette that the Fairmont Southampton had no room for a on line casino below its enlargement plans.
He added: “The current focus is the renovation and reopening of the hotel. A casino is not within the scope of work for the renovation and will not be in place when the resort reopens.”
Douglas DeCouto, the Shadow Minister of Finance, known as final week within the House for the Gaming Commission to be shut down, and advised the Gazette that gaming has failed in Bermuda.
He stated: “Our position for the past several years has been, get gaming going or shut it down. Clearly getting gaming going is not happening.
“It’s clear that gaming has failed in Bermuda. We know that the political interference did not help.”
He added: “What we do know is they have been spending $800,000 a year for the last several years with nothing to show for it.
“Now has to be the time to shut it down, especially acknowledging the Premier’s comments that there is no commercial appetite by the banks.
“These things should all be put on ice until something changes.”
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