Headlines:
| Casino gambling moves closer to becoming a reality |
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| Thursday, 24 July 2008 | |
RJR's Financial
Report understands that the Government has received a report from the
team established to formulate the regulatory framework and tax regime to govern
the operation of casinos in Jamaica.The team, which was established in April, was led by Dennis Lalor. Prime Minister Bruce Golding announced during his Budget Presentation that the government would legalise casino gambling. Conditions under which the granting of casino licences are to be granted were laid out. One of the conditions is that there must be a minimum investment of US$1.5 billion and the construction of not less than 1,000 rooms by the investor. Secondly, the casino component must be no more than 20% of the total investment project. Thirdly, the operators of the casino must be given government approval based on its due diligence including fit and proper tests and evaluation of track record. |