A lawyer for five major numbers houses has claimed that last week's tabled Gaming Bill represents a "significant first step" in creating economic equality within the country's gaming industry, despite lingering concerns of discriminatory elements in the legislation.
Alfred Sears, former attorney general and representative for FML, Island Luck, Island Game, Chances and Asue Draw, argued that a transition period following the passage of the Gaming Bill is in the "best interest" of the economy.
"The bill represents a very significant first step in dismantling historic exclusion within the gaming industry...I would have preferred that the bans of Bahamian patrons [gambling in or owning casinos] were removed immediately, but I understand that the government has to consider the impact on the economy.
"Especially at a time when the economy of the Bahamas has been downgraded...From a public policy standpoint, I can understand why such a move would have to be done with a careful review of the impact on the economy," said Sears.
Chief among Sears' concerns were continued bans against Bahamians from owning casino licenses, and tax discrepancies between foreign-owned casinos and local web shops.
"Bahamians who engage in the same activity as foreign entrepreneurs ought to be treated equally. If there is a preference, it should be in favor of the Bahamian entrepreneur," said Sears.
The 2014 Gaming House Operator Regulations stated that web shops will be taxed at a rate of 11 percent of taxable revenue, or 25 percent of earnings before interest, taxes, depreciation, and amortization, depending on which is greater.
Sears additionally hoped that the legislation would adapt to allow Bahamians to own and operate casinos, while also providing Bahamians the right to gamble in casinos.
"It is unconscionable in 2014, given the significance of gambling in our economy, that we have not had any Bahamians granted a casino license with all of the incentives and cash contributions that all of the casinos in our country enjoy.
"But I applaud the government for providing the mechanism for this to be done in a reasonable amount of time...Within this new framework, Bahamian entrepreneurs in the gaming industry will be afforded the opportunity to own casino establishments," said Sears.
In response to concerns of discrimination within the bill, Minister of Tourism Obie Wilchcombe pointed out that Section 69 of the Gaming Bill authorized the minister responsible for gaming to remove the restriction on Bahamians gambling in casinos and foreigners from gambling in web shops.
Sears stated that concerns over the minister's powers outlined in the section were "disingenuous", given the country's current gaming legislation.
"It is disingenuous to say that giving the minister certain powers is a departure from the existing law," said Sears, noting that the current gaming law contained similar provisions.
However, Sears remained confident that all concerns would be addressed in the near future.
"The bill is only the beginning in terms of creating economic equality," claimed Sears.

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