A bill to amend casino legislation in the Isle of Man was given the green light by members of the House of Keys, the lower house of parliament.
The Casino Amendment Bill that was introduced earlier this year made significant progress passing the House of Keys following a second reading, and will now be put to a vote in the Upper Legislative Council. If approved, the bill will amend the Casino Act that was implemented more than 30 years ago to allow the construction of up to two casinos in the self-governed British territory. It will also change the existing stipulation that a license cannot cover multiple venues.
"While online gambling has become a significant part of the Isle of Man’s economy, the island has always supported a small but well-regulated domestic gambling sector, which includes licensed casinos,” said Treasury Minister Alfred Cannan.
There is currently only one land-based casino operating in the Isle of Man – Western Palace Hotel & Casino in the capital city of Douglas – but the new amendment could pave the way for an expansion of the sector. Under the amended law a casino could switch between locations without having to give up its license.
The Treasury Minister further explained the new rules would authorise the Gambling Supervision Committee to be responsible for supervising the casinos, especially in terms of money laundering. The Commission would be empowered to revoke an existing license in case the operator fails to comply with anti-money laundering and countering financing of terrorism compliance.
Another important amendment to the current law would give the Council of Ministers the authority to determine whether a casino concessionaire needs to provide a deposit before a tender for casino bids is opened. Currently, a concessionaire is required to make a 20pc deposit of the total expected cost of opening the casino.
Source: GMB / Innovate Gaming
