Reports JAMAICA MARKET REPORT
for an extension to the provisional order for the construction of the hotel rooms. It is now said construction will begin this year and it will take three years to complete.
Te project is for 2,000 rooms in total, music studio, theatre, banquet hall and casino. Te company is using Canadian Celebration Casino Corp to develop the casino for the resort complex. Tis is a company set up 10 years ago by Robert Trotta, a businessman who conceptualised the Palmyra condominium complex in Montego Bay. Tis 280 room hotel and condominium complex has been mostly closed since 2011 when it went into receivership.
Celebration Casino Corp has developed and operated more than 65 gaming facilities throughout North America.
Tere is some concern as to the affect the IR sector will have on the gaming lounges, lotteries and betting sectors and the commission last year asked for an overarching gambling policy for position for Jamaica to be developed.
Tis would in affect be the main advisory body to the government on gaming and would be given the power to regulate the industry and issue operating licences, develop codes and practices and monitor compliance. A responsible gaming commission for those who
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Tere is some concern as to the affect the IR sector will have on the gaming lounges, lotteries and betting sectors and the commission last year asked for an overarching gambling policy for position
get addicted to gambling is also to be established under this new body. It was also discussed whether to merge the BGLC and the Jamaica Racing Commission and also the possibility of incorporating the CGC.
Meanwhile the BGLC is also currently exploring options for regulating online gaming in Jamaica and is looking at other jurisdictions to formulate a project for review by the Ministry of Finance.
Internet gaming already exists in Jamaica and the government is keen to benefit from the revenue. It is said the land based gaming sector bags around $4.5bn and online gambling could see this boosted significantly. It has been estimated that the country’s annual online gambling handle could be worth around $250m.
One of the fastest growing off shoots of internet gambling globally is the fantasy/virtual sports betting particularly popular in the US, India and
China and this is also gaining interest in Jamaica. It was explored in detail during last years Gaming Industry Summit in Jamaica with a presentation given by 1710Gaming Ltd.
At the end of last year the Tax Administration Jamaica office introduced a new system to streamline its revenue administration system which would include the betting and gaming and lotteries duty. Te change requires gaming entities to have registered accounts created by the TAJ plus a tax registration number to provide a more structured system of returns.
Meanwhile in April 2016 a law required games to fully identify themselves with names, ID and references, before they can gamble. Much the same as opening a bank account. Te bank however began to curtail their involvement in the gambling industry due to the high risk and many fear with no banking access the industry will struggle.
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