The Government’s decision to license casino gaming in Jamaica is, we believe, sound and, once it is implemented properly, should redound to the country’s economic benefit.
We are particularly impressed with the conditions outlined by the administration for investors wishing to set up casinos here, as they are designed to ensure the provision of jobs for Jamaicans, which is one of the promises the Government made while it was in Opposition.
According to Prime Minister Bruce Golding, casino licences will only be considered with a minimum investment of US$1.5 billion and the construction of not less than 1,000 hotel rooms.
In addition, he said the Government must be satisfied that the casino component would be no more than 20 per cent of the total project. Mr Golding further said that operators would have to be subject to the approval of the Government after the appropriate due diligence, including fit and proper tests and evaluation of track record. He also said that an appropriate regulatory framework with the necessary legislation and enforcement mechanism would have to be put in place.
“We will ensure that best practices are observed and that only reputable companies with proven integrity are allowed to operate in Jamaica,” the prime minister said in his budget speech last week in Parliament.
Already, we see the benefits of the policy, as we were told by Mr Golding that the Tavistock Group, developers of the Harmony Cove resort project, are to increase the size of that project from 4,500 rooms to 8,500 rooms with an additional investment of US$1 billion to US$2 billion, based on the undertaking that they will also be allowed to operate a casino.
The church, of course, has voiced its long-held opposition to the introduction of casinos. The Rev Peter Garth, president of the Jamaica Association of Evangelicals, was quoted in this newspaper as saying that “gambling, including casino gambling, is personally selfish, morally irresponsible and socially destructive”.
While we respect and will defend the right of Rev Garth and the church to state their opinion, we believe that they are using the negatives associated with casino gaming to paint the entire industry.
Proponents and opponents of casino gaming will always be able to hold up data, mostly from advocacy research on both sides, to support their arguments. We, however, are still to be convinced that the negatives of casino gaming outweigh the positives.
For we have seen on too many occasions the improvement in the lives of people who earn a livelihood from the existence of casinos and their associated industries, such as entertainment, catering and merchandising, to name just three.
One perfect example, which we have highlighted before in this space, is that of the Seminole Tribe of Florida who last year bought the Hard Rock cafes, hotels, casinos and music memorabilia from The Rank Group PLC for US$965 million.
The purchase, we were told, got the Seminoles 124 Hard Rock Cafes, five Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, stakes in three unbranded hotels, and a collection of rock ‘n’ roll memorabilia that includes 70,000 pieces, including guitars owned by Jimi Hendrix and Eric Clapton.
Before their entry into the gaming industry, the Seminoles were mired in poverty. Today, they are able to fund their education, health care and other services from the revenue generated by their businesses.
We are not here trying to make out that the introduction of casinos will magically solve all our problems overnight. However, we believe that this industry holds a lot of potential to improve our economy.
What we must ensure is that it is properly implemented and regulated.
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