Dr. Peter Phillips, the Minister of Finance and Planning of Jamaica, announced that communities have to trust the members of the Casino Gaming Commission when it comes to securing all investigative resources related to the Casino Gaming Act.
Mere hours ago, Phillips ended the heated debate concerning the regulations that are to be included in the above-mentioned Act. As soon as they were passed in the House of Representatives, the Minister was reached for a comment and from his announcement, it became clear that he is among the supporters of the idea for making the Commission responsible for reaching decisions concerning the development of the gambling sector.
The minister also added that the regulations are not specifically “designed” to pay attention to “every conceivable permutation” and the help of the Commission would be necessary.
The regulations in question include a license fee equal to US$500,000 but Parliament members proposed it to become twice as high. However, only prominent companies which know how to manage their funds wisely will be awarded a license.
Yet, those politicians who suggested the fee to be increased hurried up to warn the communities that all too often investors deceive vulnerable countries like Jamaica and enter the local gambling market with the aim of generating capital and opt for another foreign market after that.
As a response, the Finance Minister said that it is definitely not favorable to Jamaica to “buy a dog and to bark”. What they needed was to rely on the Commission whose members will be from the Government and the Opposition. Their integrity should be unquestionable and their decisions have to be well-thought-out.
In point of fact, Jamaican authorities started preparing for these changes a few months ago. In the middle of the summer, it became clear that the Commission is taking imminent actions towards preparing its members for the upcoming changes and regulations. During a presentation held last year government members announced that they have already started training staff and dealing with the paperwork.
The Casino Gaming Regulations that are to be established on the territory of the country will contain the requirements every gambling provider has to meet in order to obtain a license. The applications will be submitted to the Casino Gaming Commission. Members will be in charge of granting licenses to both casino operators and individuals.
The latter is required due to the fact that according to the rules, an individual is not permitted to run a casino or employ associates unless a special license is obtained.
