Isle of Man seems to be on the way to making a great progress with its gambling legislation, since a bill seeking to make certain amendments in the already existing casino regulations in the region was given the green light by the members of the House of Keys. Last week, the second reading of the bill took place and the new legislation changes to help operators regulate casinos got a step closer.
The new Amendment Bill is planned to bring in some updates of the anti-money laundering regulations and is also aimed at making licensing rules and a procedures simpler.
The Isle of Man saw the implementation of its original Casino Act in 1986. That act made it possible for the self-governing British Crown Dependency to see the development of up to two casinos. Up to date, there is only one casino operating on the territory of the Isle of Man – the Western Palace Hotel & Casino.
The 1986 Casino Act required from the casino operators to run their gambling venues from specified premises. Also, multiple locations can not be covered by a single license. In case that the planned amendments are made in 2017, the already existing casinos will be allowed to move to another location and still keep their operating licences.
As mentioned above, the members of the House of Keys gave their approval and support of the new piece of legislation at the time when its second reading stage took place. The Treasury Minister Alfred Cannan commented on the approval, saying that the domestic gambling market of the island has always been small, but well-regulated, including licensed casinos. He also added that unlike the retail gambling sector, online gambling has become an important part of the local economy.
As the Treasury Minister explained, some amendments in regards to the Gambling Supervision Commission are planned to be made. The Commission is to be entitled with the responsibility to supervise a casino, especially in terms of anti-money laundering. The Gambling Supervision Commission is to be given the power to revoke a casino licence under the changes that are to be implemented to the original Gambling Act of the island, in case that an operator fails to comply with anti money-laundering and terrorism financing legislation.
As mentioned above, the new amendments would give casino operators to switch from one premises to another and keep their existing licence. This has not been possible under the provisions of the original 1986 Casino Act, as operators have been allowed to hold one licence for one location only.
Another change that is to be made in the Isle of Man gambling legislation is the one that would allow the Council of Ministers to determine if a certain deposit needs to be supplied by the concessionaire before a concession to grant an operator with a casino licence is offered. At present times, the concessionaire is required to deposit an amount equivalent to 20% of the gambling premises’ estimated total cost.
- Author
Daniel Williams
