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Casinos/Investment |
| The Free National Movement recognises that
casinos are an integral part of Bahamas tourism. It is increasingly an amenity which hotel operators wish to offer patrons, together with traditional recreational sports and entertainment found at tropical vacation resorts. The Free National Movement is committed to maintaining existing casinos and to promoting non-gaming resorts, particularly in the Family Islands. However, the Free National Movement recognises that the expansion of casino gaming in the United States of America presents new challenges to hotel and resort properties in The Bahamas and is therefore resolved to amend legislation to place all existing casinos operating in The Bahamas in a competitive position vis-a-vis resorts operating in other well-regulated gaming jurisdictions. During its first term in Office the Free National Movement discontinued the practice of appointing Members of Parliament to the Board of the Gaming Board, ensuring that during the past four and a half years, the Board has operated free from day-to-day political interference, direction or control. |
The Free National Movement has also reviewed and reduced customs duties on new gaming equipment, to encourage casino operators to more regularly upgrade gaming equipment in casinos in The Bahamas. The Free National Movement remains committed to removing the Hotel Corporation from its role as the artificial owner of casinos in The Bahamas and to replace the Hotel Corporation with a licensing system to guarantee Government an agreed share of casino revenue. In its second term, an FNM Government will: Amend the Hotel Corporation Act to remove the Corporation from its statutory role as owner of all casinos operating in The Bahamas. Amend the Casino Regulation Act to impose a licensing fee which will take into account charges now paid to the Hotel Corporation as a management fee. Dedicate up to 50% of casino generated revenues, to the development of Family Island hotels and tourism resorts. |
| Having developed and published a National Investment Policy Statement;
Having repealed the intimidating and dysfunctional Immovable Property Act;
Having introduced the investor-friendly International Persons Landholding Act;
Having introduced transparency to the application and approval process for investment proposals; Having considerably reduced, the red-tape previously associated with the investment approval process; and Having established a "one-stop-shop" for international investors, the Free National Movement Government has restored the confidence of international investors in The Bahamas as a desirable, safe and profitable country in which to invest. As a result, The Bahamas has experienced tremendous inflows of international investment, most notably in the tourism/hotel sector, in land development and in the second home market, and in the financial services sectors. Light manufacturing and transhipment facilities are also coming on stream as important elements in the national economy. |
In a second term an FNM Government will:
a) international business centres; |