Isle of Man gives second reading to casino bill

slation which would allow for further casino developments on the Isle of Man has passed through the first stage of the Island’s parliament.

The House of Keys passed the Casino Amendment Bill for a second reading which, if successful, will see the bill pass for a final vote before being signed into law.

Under the proposed amendment, existing gambling venues would be allowed to move premises without losing their licences and single casino licences could be used over multiple casino sites, both of which are currently prohibited under existing 1986 Casino Act.

Greater powers of oversight are included in the amendment, which would enable the country's Gambling Supervision Commission to revoke the licence of any casino operator found to be not complying with anti-money laundering and terrorist financing legislation.

It would also give the Isle of Man’s Council of Ministers the authority to decide whether casino operators tendering to build casinos would be required to submit a deposit with their tender offer.

At present any operator submitting proposals to build a casino are required to submit a deposit of 20% of the total estimated cost of the casino development.

The Isle of Man currently only has a single operational casino property, the Western Palace Hotel & Casino in the capital, Douglas and it is hoped that this amendment will allow for the development of further casino properties on the island.