To entice investors, the casino gaming law is being amended.
The government is attempting to attract investments in the nation through modifications to the Casino Gaming law in order to promote economic activity and spur economic recovery from the coronavirus (COVID-19) epidemic win888. This is in accordance with the Casino Gaming (Amendment) Act of 2021, which passed the House of Representatives on Tuesday (June 29).
Dr. the Hon. Nigel Clarke, Minister of Finance and the Public Service, who piloted the Bill, stated that amendments to the Casino Gaming Act are being made “with the goal of having, hopefully, billions of US dollars in investments being made in Jamaica over the next few years” through integrated gaming.
We don’t just want to recoup what we’ve lost; we want to recover stronger and better. As a result, one of the suggestions made by the COVID-19 Economic Recovery Task Force, which I headed last year, was to make modifications to the Casino Gaming law that will result in investments and jobs,” he added. Amendments to the Act, according to Dr. Clarke, will enable for “yet another product that can be the anchor for another sort of tourist business,” diversifying Jamaica’s tourism product, arrival patterns, and seasonal trends, and making Jamaica’s tourism product more robust.
He stated that the revisions are being examined against the backdrop of having a Casino Gaming Legislative framework in place for over a decade with no successful casino gaming investment in Jamaica during that time win888 review. We promulgated this [original Bill] in 2010, but we would have spoken about it for years before 2010, and we have not one single successful investment to show to date, so we are making a few revisions with the goal of changing that and ensuring that we are going to have successful casino investments – hopefully start with one, but hopefully have two, have three he said.
The Houses of Parliament enacted the Casino Gaming Act in March 2010 and it went into effect on June 3, 2010. The Act was enacted in consideration of the potential economic benefit that Jamaica may receive by allowing casino activities on the island, especially in specially authorised facilities.
The original Act’s objectives were to establish a regulatory regime for the conduct of casino gaming in Jamaica, to ensure that casino gaming is regulated efficiently and effectively, and to encourage the development of integrated resort developments by licencing these developments to offer casino gaming as part of a mix of various tourism amenities and facilities available.
The implementation of effective resort development is important in the Act because these advancements are seen as a means of augmenting and further expanding the tourism product and, by extension, will be a means of increasing access to a country’s economy, because a fixed range has a number of different facilities, not just rooms and a pool,” Dr. Clarke explained.
He stated that integrated resort developments are meant to be large-scale facilities that would enhance Jamaica’s competitiveness in the tourist industry, create jobs, raise tax revenues, and stimulate demand for locally made goods. They also provide opportunities.