Still recovering from the £6.25 billion (US$8.8bn) impact of last October’s Hurricane Melissa, the most devastating tropical storm in its history, Jamaica has revived its seemingly moribund bid to open the first legal regulated casino.
The foray into the world of Integrated Resorts is in many ways an expected step for the fabled Caribbean isle.
Tourism is a major pillar of Jamaica’s economy, directly and indirectly accounting for approximately 30 percent of the country’s GDP; it’s a major source of foreign exchange, employment and investment.
Fierce Debate
The island nation, famously birthplace of reggae superstar Bob Marley and home of the Black Consciousness Movement pioneered by Marcus Garvey, passed its Casino Gaming Act in 2010.
But despite having the legislative framework in place, hitherto there’s been no movement to launch a retail casino market; although the island, population 2.85 million people, has around 200 betting shops and an estimated 450,000 online bettors. Horseracing and the English Premier League are keenly followed.
Last week, after months of fierce debate between Jamaica’s two main political parties–the JLP (Jamaica Labour Party) and PNP (People’s National Party)–, the island’s parliament finally approved Casino Gaming Regulations, first mooted last year.
These newly-approved regulations will form the operational backbone of the 2010 Casino Gaming Act.
Resort Culture
According to market research firm, Mordor Intelligence, the world’s casino-resort market, currently worth some £122 billion a year (US$165.17bn), is on a roll and a boom and is set to grow to a whopping £156 Billion (US$211.26bn) by 2031.
Jamaica–with its clear multi-hued blue Caribbean waters and powder white beaches, and already a leader in the all-inclusive hotel-resort business–should be well able to effortlessly embrace and exploit this casino-resort space.
Major resort areas, such as Montego Bay, Negril, and Ocho Rios, are significant hubs of commerce and employment on the island; although much of the value is generated within private, self-contained environments.
Next Steps
With the regulatory architecture finally in place, attention is now shifting to Princess Hotels and Resorts, the Spanish operator set to launch Jamaica’s first licensed integrated resort under the island’s 2010 Casino Gaming Act.
The flagship development will form part of the US$400 million (£296.56m) Princess Grand Jamaica project at Green Island in Hanover in the northwest of the country.
To date, there is still no fixed opening date for the island’s first casino-resort.
“Sometime in 2026” has been mooted. Or in local parlance “soon-come”.
As Senator Rose Bennet-Cooper, of the ruling JLP, explained to the Upper House of Jamaica’s Parliament during the gambling debate last week:
“Our approach to casino gaming is deliberately cautious.
“It is not intended to transform the island into a gaming hotspot. This is why the government is not pursuing stand-alone casinos.”
