Proposed legislation that would amend existing casino regulations on the Isle Of Man and allow bricks-and-mortar gambling venues to relocate without losing their license has been approved by the lower house of the island’s parliament.
Known as the Casino Amendment Bill, the legislation to amend the governing Casino Act was ratified by the directly-elected House Of Keys following a second reading last week and is now set to be put to a vote in the upper Legislative Council.
If subsequently ratified, the measure would permit bricks-and-mortar casinos to utilize a license at multiple sites and also institute measures to address money laundering and fraud concerns including giving the local Gambling Supervision Commission the responsibility for watching out for potential violations. This independent board would additionally be handed the authority to cancel a casino’s license if infringement s were identified.
The Casino Act was ratified over 30 years ago but the Isle Of Man is currently home to only one casino, the Douglas-based Best Western Palace Hotel And Casino. It is hoped that the passage of the proposed legislation would see more venues open as it is to moreover give the Council Of Ministers the authority to determine whether a concessionaire should be required to provide a deposit, which currently stands at 20% of the total estimated cost of any new casino, before tendering a bid.
Located in the Irish Sea some 45 miles off the coast of northern England, the Isle Of Man is best known as one of the first jurisdictions to have implemented a specific licensing system for online gambling. This occurred in 2001 and today some of the industry’s biggest operators are accredited by the Gambling Supervision Commission while the island’s low tax rate, which stands at only 0.1% for enterprises that record annual gross gaming revenues of over $52 million, has seen others make the self-governing United Kingdom crown dependency their home.