KINGSTON, Jamaica – The Jamaica government Wednesday welcomed the decision of the Casino Gaming Commission (CGC)to grant the country’s first casino operator’s licence saying it reflects Jamaica’s continued progress in building a modern economy.
Finance and the Public Service Minister Fayval Williams said the modern economy is underpinned by strong institutions and transparent regulations.
“Casino gaming will operate under the Casino Gaming Commission with the same anti-money laundering and beneficial-ownership requirements we apply across the financial,” Williams said as she commented on CGC’s decision to grant the licence to Adamas Grand Casino Limited.
The CGC said that beyond the issuance of a licence “this milestone represents the formal establishment of Jamaica’s regulated casino gaming industry and the opening of a new avenue for economic growth”.
It said the project represents an investment of approximately U$800 million in Jamaica’s tourism sector and is expected generate significant employment, stimulate local procurement and create sustainable economic value.
The casino will operate at the Princess Grand Jamaica Resort under a management agreement with Grupo Orenes, a Spanish gaming and hospitality company with established casino operations in Spain, Mexico and Andorra.
Williams said this milestone reflects the same governance standards that have supported the country’s progress with the Financial Action Task Force (FATF) and the country’s broader financial sector reforms.
“”It signals Jamaica’s readiness to welcome world-class investment that will expand our tourism product, create quality employment, stimulate local businesses and generate sustainable revenues for the country,” the Finance and Public Service Minister said, adding that the Andrew Holness government expects additional investment in the casino gaming sector as the regulatory framework continues to mature.
CGC chairman, Ryan Reid, described the development as an important step not only for gaming but for Jamaica’s wider economy.
“Today marks a significant step forward, not only for the casino gaming industry, but for the wider development of our tourism product and our national growth,” Reid said, adding that the CGC remains committed to ensuring that the sector develops responsibly while maximising long-term benefits for the country.
CGC chief executive officer, Cleveland Allen, said that the licence represents the culmination of more than a decade of institutional development and is also the culmination of more than a decade of deliberate institution-building and regulatory preparation.
“Our responsibility extends well beyond licensing. Through rigorous oversight, uncompromising compliance standards and continuous supervision, we will ensure that this industry develops with integrity, transparency and accountability.”
The Commission said it will continue working with Adamas Grand Casino Limited to ensure all remaining pre-operational requirements are met before the casino officially opens.
