REVENUE FROM GAMING MACHINES 2015 GAMING LOUNGES
SALES PAYOUTS GROSS PROFIT
J$73,737bn J$70,328bn J$3,409bn
most important points to consider: l
Group) which has the remaining 51 per cent.
NON GAMING LOUNGES J$1,434bn
J$1,308bn J$126.1m
To establish a regulatory scheme for the conduct of casino gaming and encourage the establishment of a number of Integrated Resort Developments.
l
To establish a Casino Gaming Commission to regulate and control casino gaming.
l
Te number of IR projects is capped at three. Tese shall comprise of one or more hotels providing in total at least 2,000 rooms (excluding any already in existence), the hotels should be available for occupancy prior to the opening of a casino.
l
Licences are issued for a period of 12 years. Exclusivity licences can be granted for areas whilst temporary casino licences can also be applied for.
l
Casinos can operate a list of approved games to include Roulette, Big Six Wheel, Baccarat, Mini Baccarat, Craps, Faro, Red Dog, Pai Gow, Sic Bo, Poker, Casino War, Fast Action Hold ‘Em and variations of these games, plus sports betting or other forms of wagering. Only permitted for aged 18 and over.
l
Each casino is subject under the Gaming Act to an initial licence fee of US$250,000 plus
TOTAL
J$75,172bn J$71,636bn J$3,535bn
US$50,000 per table games. l
A casino is then subject to an annual licence fee of US$250,000 plus US$1,000 per table game.
l Gross profit tax is 10 per cent monthly
Tere are some amendments submitted to parliament under a draft bill titled An Act to amend the Casino Gaming Act presented in 2015.
In February 2015 some five applications were received by the Ministry for resort casino licences. Tis followed an open invitation for proposals in June 2013 by the government for development projects.
Te two developments approved in 2015 for Integrated Resort Development were Harmony Cove and Celebration Jamaica.
Harmony Cove is a 2,325 acre property on the Jamaican north coast about 23 miles east of Montego Bay, St James.
It is being developed by government owned Harmonisation Ltd (comprising of the National Housing Trust and Development Bank of Jamaica Ltd) which owns 49 per cent and Tavistock Jamaica Ltd (a subsidiary of Tavistock
Tavistock Group is a global private investment organisation concentrating on investments in real estate, hospitality, restaurants, sports, energy, retail, agriculture, finance and life sciences. It has assets in more than 200 companies across 15 countries and is headquartered in the Bahamas. Other hotel and resort projects include Albany in Te Bahamas, Te St Regis in Atlanta and Pier Sixty-six in Fort Lauderdale.
It was due to break ground in 2017 and the company is expected to spend US7.5bn in total with US$970m for phase one of the project and create 1,230 jobs during construction and 2,700 full time once operations begin. Some say the project which was first announced back in 2004 has never taken off and fear it is unlikely to do so due to the development company facing problems in securing funding.
Prime Minister Andrew Holness urged the Development Bank of Jamaica late last year to fast track the development as it has great potential to drive economic growth on the island.
Te project will have some 5,000 hotel rooms in total by completed. Te first phase of the Trelawny project will be 1,000 rooms, golf course, luxury spa, marina facilities, private residencies plus restaurants, retail outlets and casino which are due to be added at a later date.
Meanwhile the second project is Celebration Jamaica Development Ltd which will invest US$500m or more for phase one and employ 2,400 people. Construction was due to begin in mid 2016 but there have also been delays with Celebration applying to the Ministry of Finance
NEWSWIRE / INTERACTIVE /
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