he Bermuda Casino Gaming Commission, following the enactment of the Casino Gaming Act in 2014, initiated the three stage application process for the island's first casinos in 2015. The Bermudan government granted two 'designated site orders', one thereof to the Hamilton Princess hotel in 2016, completing the first stage of the application process. In total, there is the potential for four licenced integrated resort casinos to operate on the island.
The second stage of the application process started in April 2017, when the Commission published a notice starting a three month period for filing of an application for a casino license, which ended on July 21, 2017. The next step will be a hearing of the application on September 22, 2017. This second stage may end with the award of a provisional casino license by the Commission.
The Company believes that its application is the only casino license application in Bermuda at this time.
The third stage of the application process will be the suitability stage. Only at the conclusion of this final stage will a casino license be granted, permitting the offering of gaming to the public, subject to the final approval of the Commission to open and operate the casino.
The Company entered in a long-term management agreement with Hamilton Properties Limited, a Bermudan company which owns the Hamilton Princess Hotel & Beach Club. Pursuant to the management agreement, CCE assisted with the license application and would manage the operations of the casino, should a license be awarded. In addition, CCE would also provide loan funding in the amount of $5,000,000 for casino equipment.