A first casino license may be issued by the Bermuda Casino Gaming Commission (BCGC), as the regulatory body has received a “substantially completed” application for licensure. Hamilton Princess & Beach Club, a hotel resort located in the heart of the Bermuda capital, has been announced as the applicant.
The BCGC opened the call for license applications back in April, announcing a July 21 deadline for those. A company related to Hamilton Princess & Beach Club – Hamilton Princess Casino Limited Company – managed to submit its application before the deadline, presenting a “fully-funded” proposal for the addition of a casino to its existing operations.
Alan Dunch, Chairman of the Bermuda casino regulator, said in a Monday statement that the company’s application will be reviewed by the Commission at a September 22 meeting with developers and that more details about the casino project will be revealed in the weeks before the planned meeting.
The bidding process for a gambling venue was approved by legislators and regulators earlier in 2017 under the Bermuda Casino Gaming Act 2014. The island nation’s gaming law provides for the issuance of up to three provisional licenses to interested developers.
Approved applicants will have to spend a total of $3 million on several licensing fees. All interested casino developers will have to pay an initial application fee of $600,000 in order to be able to participate in the bidding process. Those approved for a provisional license will need to spend another $1.4 million. The operators that are approved for a full license will be required to pay an issue fee of $1 million.
Commenting on the announcement, Mr. Dunch said in a statement that they are pleased to confirm a landmark development in the bidding process. The official further noted that Hamilton Princess Casino’s interest in presenting a casino product is an important step towards the realization of the plan pointed in the Casino Gaming Act.
The Bermuda government has approved the addition of casinos as a means to further boost the nation’s tourism, attract new investment, and create additional jobs.
The BCGC was established in 2015 and under the Casino Gaming Act 2014. The regulatory body was charged with overseeing the bidding process for new casinos, licensing the approved operators, and regulating the casino industry.
Located near Hamilton’s waterfront, Hamilton Princess & Beach Club currently features multiple accommodation, dining, and meeting facilities, as well as a spa, and a marina for boating and watersports.
