Century Casinos, Inc. (NASDAQ: CNTY) announced on Thursday that the company has submitted a casino license application to the Bermuda government. The casino would be in partnership with and located inside the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda, according to the report.
There are currently no casinos operating in Bermuda. However, the Bermuda Casino Gaming Commission began a three-stage process for the application process in 2015 following the Casino Gaming Act of 2014. The legislation allows for as many as four integrated casino resorts to be licensed in Bermuda. In 2016, owners of the Hamilton Princess received one of two ‘designated site orders’, completing the first stage of the process.
In April the next stage began when the government published a notice that a three-month window had opened wherein they would accept applications for casino licenses. This stage is to continue with hearings the government will hold on the applications beginning September 22, 2017. A provisional license might be awarded during this stage according to a press release from Century Casinos.
No other license application is known to be in process at this time.
The final stage of the application involves due diligence and is known as the “suitability” phase in which financial ability, legal backgrounds, and operational ability will be examined in-depth. The license can only be granted after suitability has been determined. At that point, pending the Commission’s final approval, the casino can open and operate the casino.
The Hamilton Princess Hotel & Beach Club is owned by Hamilton Properties Limited, a Bermudan company. Hamilton Properties has entered into a long-term management agreement with Century subsidiary, Century Casinos Europe GmbH of Austria. Under the agreement Century assisted with the license application, they will operate the facilities and will fund the venture with $5 million for casino equipment.
The Hamilton Princess which originally opened over 130 years ago has recently undergone renovations including the addition of amenities seen as necessary for a luxury casino resort. The resort currently features 400 rooms, 45 suites, 13 junior suites, 4 restaurants, 1 spa, retail space, and an exclusive beach club and shoreline available only to guests.
As planned, the casino will offer 12,000 square feet of gaming space with 200 slot machines, 17 table games, a high limit area and salon privé.
The gaming commission is currently in the process of recruiting an Executive Director after it was learned that former California Gambling Control Commissioner Richard Schuetz, who had held the post for two years, plans to retire. Schuetz will remain in his role or in an advisory position in order to ensure the application and licensing process “is appropriately handled without any disruption,” according to an August 1 report in the Royal Gazette.