Casino committee pushes for reform in Bahamas

The association believes reform is absolutely necessary to bring the gambling product of age and capitalize on much higher streams of revenue. The consultation could not come at a more crucial time. Baha Mar, the us$ 3.5 billion mega resort on Cable Beach, will feature the largest casino in all of the Caribbean when it opens in December 2014. A 929 sqm casino is also being built on Bimini through a joint venture between Genting Malaysia and RAV Bahamas.

Meanwhile, efforts are underway to revive the gaming facilities on Grand Bahama linked to the Grand Lucayan. What it all adds up to is a considerable gambling presence in The Bahamas through its tourism offerings.

According to Robert ‘Sandy’ Sands, senior vice president at Baha Mar and a member of the sub-committee, gambling currently brings in us$ 140 million per year in revenue. In other countries, it produces "well into the billions". "We'll be much more competitive. It will put us on a more level playing field," he told Guardian Business.

The specifics of the upcoming op-ed are currently unknown. However, Guardian Business understands it covers the need for new technology as it relates to casinos and gambling, the enhance of credit offerings and introducing Internet gaming options.

Sands felt the implementation of certain strategies could lead to much higher revenues "almost immediately", or within a year of Baha Mar opening. Of course, it could also be promising for other casinos in the country, including the venue at Atlantis. "If The Bahamas is to compete, our regulations and offerings should mirror those of other jurisdictions," Sands explained.

The appeal for gaming modernization comes shortly after Guardian Business learned that Richard Branson, the British billionaire, has met with Baha Mar executives to discuss business synergies.

While the Virgin Group founder could complement the resort in a number of ways, Internet gaming is an area of business that might prove especially enticing. Virgin Games, including online slots, Bingo and poker, has grown increasingly popular over the years through the continued sophistication and proliferation of Internet technology.

Other areas of interest could include airlift partnerships and product branding opportunities.