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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 NASSAU, The Bahamas – The Government has proposed comprehensive legislation aimed at regularizing the Gaming Industry in the country.
The Minister of Tourism, the Hon. Obie Wilchcombe, who has responsibility for the Gaming Industry, introduced the Gaming Bill in first reading in the House of Assembly on Wednesday, September 3, 2014.
He also tabled supporting Bills namely: the Gaming Bill 2014; the Gaming Regulations, 2014; Gaming House Operators Regulations, 2014; Financial Transactions Reporting (Amendment) Bill, 2014; Financial Transactions (Gaming Exemptions) Regulations 2014; and Proceeds of Crime (Amendment) Bill, 2014.
“I am pleased today to bring to Parliament a new cutting edge comprehensive Gaming Bill, Gaming Regulations and Gaming House Regulations, which are designed to more effectively control and revolutionize Gaming in The Bahamas for the greater benefit of the economy and people of our country,” he said.
The 1969 Lotteries and Gaming Act has been amended over the years; the most recent amendments were enacted in 2004 but have not kept pace with changing operational requirements or technological advances.
“Collectively, this results in a somewhat piecemeal dispensation which has been broadened on an ad hoc basis and is now in need of a comprehensive overhaul, based on a clear policy direction,” Mr. Wilchcombe said.
He noted that casinos have been severely affected by the global economic downturn, with revenue declining across the board. Numerous jurisdictions have also experienced dramatic expansion primarily due to lack of advanced technology and have responded by upgrading their gaming laws in order to remain competitive.
Against the backdrop of these issues, Mr. Wilchcombe said specific proposals have been made by licensed industry stakeholders regarding measures to be taken in advancing the Gaming Industry.
The Gaming Bill 2014 and the proposed regulations make provisions for the adoption of a large majority of these regulations, and in some cases subject to certain refinements.
The primary objectives are to create a streamlined, user-friendly, efficient licensing and regulatory regime, overseen by a financially sustainable regulatory authority, which is responsive to driving revenue, creating sustainable competitive advantage for the gaming sector and increasing tourism, using the Gaming Industry as a springboard.
The proposed regulations will also provide for the Board to be properly equipped to exercise its regulatory powers and functions in an effective manner.
In the context of revenue generation, provisions will be made for the gaming taxes generated by licensed activities to be paid to the Board itself.
The proposed bill will empower the Minister to set fees in respect of the various licenses, certificates and approvals contemplated therein by regulation. This will allow for greater flexibility in the amendment of the fee and/or taxation structures in the future.
“It will also empower the Minister responsible for Gaming to make regulations permitting participation in the types of gaming contemplated in casinos and gaming houses by any category or all categories of persons, which may regulate the circumstances under which and the conditions subject to which such participation shall be permitted,” Minister Wilchcombe said.
Hon. Obie Wilchcombe Bahamas Gaming Bill Communication
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