INSIGHT LATAM MARKETS


Known as the ‘land of many waters,’ the world’s widest and longest single-drop waterfall is located on Guyana’s Potaro River in the Kaieteur National Park. At 226 meters the water flows over a series of steep cascades that bring the total height of the falls to 251 metres. Four times higher than Niagara Falls, Kaieteur is among the most powerful waterfalls in the world.


Gambling in Guyana


Designed to attract foreign investment and promote tourism a new gaming act was presented in Parliament in late 2006 and in 2007 the act was approved by the National Assembly. Te Gambling Prevention (Amendment) Act of 2006, which is an amendment of the Gambling Prevention Act Chapter 9:02 of 1902, provides for a Gaming Authority and states that only three casino licences may be distributed in each of Guyana’s 10 regions.


Te bill bars existing hotels and resorts that do not fulfil certain requirements and conditions, from establishing casinos on their premises. Tese include rules which stipulate that casinos can only be established in new hotels with 150 rooms. In addition the bill rules that only guests can play.


Licenses are granted through the Gaming Authority of Guyana which went into operation in 2007. In 2014 Guyana's President Donald Ramotar said he wanted to change the law so that more gambling licenses could be issued in hotels. However only one licence was issued for the Princess Casino in capital Georgetown in 2010. Meanwhile Sleep-In International Hotel signed an agreement with the


Guyana Office for Investment under which the government agreed to provide the company with a licence provided that the company built a minimum of 155 rooms in 2017. Tis began a long drawn out battle as the government refused to grant the operator a licence. After the company appealed to the High Court the license was finally granted in 2020.


While the process has been a slow one the industry is now expected to expand with the government announcing major changes to its gambling laws. Tere will be a significant increase in the demand for hotel rooms as the fuel industry booms and the government is also attempting to attract more tourists as it invests in wider infrastructure. Te government has given the go ahead for a number of new hotel developments mostly in and around Georgetown. Guyana’s Minister of Tourism Oneidge Walrond recently announced that the government hoped to have 2,000 hotel rooms by 2025. Seven new hotels are planned for construction for this year alone.


In June Vice President Dr Bharrat Jagdeo and Attorney General Anil Nandlall announced that a new gaming bill will be created which will allow for more casinos. Te exact details of the new bill have


WIRE / PULSE / INSIGHT / REPORTS P63


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178