Bahamas
Ministry Offers Isle of Capri More Concessions
As reported by the Bahamas Journal:
"In a bid to keep the operators of the
Isle of Capri Casino in Freeport from pulling
out, Minister of Tourism Obie Wilchcombe, who
is also responsible for gaming, has revealed
that the government has agreed to offer the
operators further concessions. However, he did
not specify exactly what those concessions are.
Several months ago, Isle of Capri's General
Manager Eddie Llambias said that without the
concessions, he did not see the casino staying
open past the end of 2005.
"The
company also laid off 45 employees in what management
had said was a last-ditch, but nonetheless essential
move to cut operational costs and give the operation
a better chance at turning a profit.Up to September,
approximately 240 employees were still working
at the casino, including part-time staff.Minister
Wilchcombe told The Bahama Journal that when
he spoke with Mr. Llambias several weeks ago,
he appeared to be "optimistic" about
the future of Grand Bahama's only operating
casino.
"Because
it was facing financial challenges last year,
Isle of Capri had asked the government to re-think
the casino taxation system and had requested
marketing and promotional dollars to keep the
operation afloat.
"…Unemployment
rose from 9.3 percent in 2004 to 11 percent
in 2005, the Department of Statistics said in
its last report. In his more recent interview
with The Bahama Journal, Minister Wilchcombe
said the government needs to move with the times
and make sure it is attracting businesses and
not chasing them away…"
|
