Hamilton Princess & Beach Club is set to become the first holder of a casino licence in Bermuda following the submission of an application to the Bermuda Casino Gaming Commission (BCGC).

The initial window for licence applications commenced in April this year and closed on 21 July, with licensees having to comply with the Bermuda Casino Gaming Act 2014. Under Bermudan gaming law, up to three provisional licences can be issued to interested developers.

Hamilton was among the first hotels in Bermuda to be granted “designated status” last year, making it eligible to apply.

In an interview with Bermuda’s Royal Gazette newspaper, Alan Dunch, the chairman of the BCGC called the licence application a “landmark event”.

He added: “We feel that this is an important step towards realising the public policy goals of the Casino Act, by increasing employment and investment in Bermuda, as well as enhancing the tourism product.”

Applicants are required to pay an initial fee of $600,000 in order to bid, with those being approved for provisional licences having to pay a further $1.4m. Companies which receive full licences are then required to pay a final issue fee of $1m.

A provisional casino licence has previously been granted to the nearby St George's Resort project, however the resort is still under construction, having been only approved in January.

Sources at the BCGC have confirmed that the licence application by the Hamilton Princess & Beach Club will be reviewed at a public meeting on 22 September at the Bermuda Underwater Exploration Institute and the resorts developers, and that further details will be revealed in the next few weeks.