Casino gaming watchdog must find own funds
The island’s gambling watchdog said yesterday it was ordered by the Government to find its own funds.
The news came as the Bermuda Casino Gaming Commission presented its annual reports from September 2015 to the end of March 2017 to the House of Assembly. The financial statements said the economic dependence of the gambling watchdog on the public purse, with its grant of $3.76 million to cover operational costs, was “temporary”.
The report added that the final instalment of $610,000, which had been scheduled to go to the commission by the end of 2016, was not handed over until “subsequent to the year end on April 13, 2017”.
It added: “The Government has now advised the commission to seek commercial funding going forward. At the time of producing these financial statements, the commission has discussed commercial funding with a local bank, with the intent for this funding to be supported by a Government Letter of guarantee.”
The BCGC got a $1.6 million interest free, repayable loan through an agreement with the Government on July 21, 2017, with a further $500,000 provided on July 16, 2018. The report added repayments will start when the commission “financially attains a balanced budget position”.
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