Draft regulations which have been drawn up to cater for casinos and for the establishment of a gaming authority under legislation to facilitate casino gambling should be on Cabinet’s agenda by this time President Bharrat Jagdeo said.
Asked for an update on the establishment of a gaming authority in view of the fact that at least two major investors in the tourism and hospitality sector had recently indicated that they were investing in casino facilities locally, Jagdeo told the media that he had seen the draft regulations.
“I have had a look at them. I guess by now they would have been put on Cabinet’s agenda. So I expect them to be put in place shortly… just the basic elements of the gaming authority…” he said.
Asked how soon he expected the gaming authority to be in place, he said, “I can’t tell you. It would be in a matter of weeks and months, not much longer.”
In a telephone interview early last month with the Stabroek News, one of the major investors, the new buyer of Buddy’s Interna-tional Hotel, Sudi Ozkan had told the Stabroek News that he intended to operate a casino out of the hotel at Providence, East Bank Demerara but had not obtained any licences at that time.
Ozkan said that establishing a casino would be an expensive undertaking, but he would nevertheless be pursuing it. Ozkan, who bought the Buddy’s Hotel for the sum of US$15 million, is known in Turkey, his native country, as the “Casino King.” His company operates numerous casinos worldwide, including in Belize, Suriname and St Maarten.
Ozkan, who plans to take over the full management of the hotel by October 2008, could not apply for a casino premises licence or a casino licence because the gaming authority was not yet in place and regulations would also have to be in place before the gaming authority could begin to function.
Nevertheless Stabroek News understands that equipment for the casino at Buddy’s hotel was seen being cleared by customs officials and an executive of the Buddy’s International Hotel in Port Georgetown last week.
The Gambling Prevention (Amendment) Act 2007 to facilitate casino gambling, states that licences are required for casino premises and for the operation of a casino.
The regulations for casinos come under the Minister of Home Affairs who may make them to establish the gaming authority and to give it, or authorize it to give any other body or person, any power, duty or function considered by the minister to be necessary for the administration of the issuance of a casino premises licence and the operation of a casino licence.
In January 2007 the government rushed through parliament the amendment to the Gambling Prevention Act to facilitate casino operations. This was seen as primarily accommodating a casino at the Buddy’s International Hotel and another in the Kingston area, which the investors are hoping would be under the management of the Marriott International chain of hotels. (Miranda La Rose)
Profitable casinoes are 24*7 business enterprises that pull in bus, ship,and plane loads of players to be able to remain in business. A large safe surrounding environment is needed for the players. If you cannot create and maintain such a sorrounding, then you have just created a crime mecca. Businessmen are being shot and robbed in broadlight::::A casino in such an envronment, will be like placing sitting ducks in a pond.
The owner of this new enterprise is a foreign investor-fine- but if this casino is for the indulgence of the local population then it creates a drain on the ecomomy, since most of the profit goes into the pocket of the foreign investor-yes the government gets a percentage in taxes but the rest is taken abroad.
What Guyana really need is smart money managers in government. Two American economists went to China to find out why the Chinese were able to keep inflation at a steady low for thousands of years.They found businessmen selling products for less than the cost of production. Now this is totally contrary to the laws of modern economics, or so we are told.
What they found out was that the government was printing their own fiat currency and lending it to local business with no repayment requirement of principle or interest. This kept the money flowing in the hands of local communities jumpstarting business and providing for development and maintence of infrastructure.
Since the supply of goods and services kept pace with the money supply, no inflation occurred. Since no interest has to be paid, there is no money drain from the workforce or the community and hence no need for an ever increasing expansion of the money supply as is required in a loan for interest system.
The result- Workers have enough money to spend, the price of locally produced goods remain low, employment is created and business prosper.
Many countries have used this system to jumpstart their economy after it was ravaged by the oil embargo, the world banks and the IMF. Some of these countries are Argentina, China and India.
However this was not a system that they invented due to desperation, this is a system that was first proposed used by the founding fathers of America. It is what jumpstarted the American economy, until the banking cartel of Europe usurped the money system by installing the Federal Reserve and placed America’s money supply on a- you borrow as you go- for interest -system.
Conclusion:::A casino by a foreign investor will provide a few local jobs, but will drain the local economy of it’s already scarce reserves.
Solution create fiat or parallel currencies to envigorate the local economy, develop an honest KISS (keep it simple stupid) local, monetary system and watch Guyana prosper in a few short years time.
Joe.
If you thing that the system I just described is some sort of silly uptopian joke, then check out the following sites, where grass root movements are clamoring for the disolution of the present world monetary system, This movement includes the presidential candidate Dr, Ron Paul.
http://www.ithacahours.com
http://www.madisonhours.org
http://www.communitycurrency.org
http://www.reinventingmoney.com
http://www.favors.org
Join the fight, or at least make yourself aware of what is truly going on. Third world governments are strapped in a financial strait jacket of spiralling debt, brought on by the banking cartel. It is now left to “We the people of the World” to agitate for change.
All the wars, all the terrorists, all the world hunger and suffering is caused by one world organisation .The banking vultures of Europe.
Joe.
Joe, you are right:with your conclusion:
“:A casino by a foreign investor will provide a few local jobs, but will drain the local economy of it’s already scarce reserves”
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Now why is the government bothering itself with the self-destructive casino?
The lottery it has is enough and is an excellent source of revenue for the gov”t.
But casino?
THAT IS DISASTER
For every 100 dollars a casino takes in, it gives back 30 dollars, that is, if
the machines are not otherwise programmed. Most people probably do not
know that the machines are programmed and the 30 dollars return is the
normal. IT COULD BE LESS !!
There are more important matters for the government to deal with like
1; ending state monopoly on radio
2; improving the capital city and bringing it back to its former lustre
3; improving the airport…building, runways, security in and out, in-house
facilities etc etc
Forget the casino; It”s more trouble with graft, corruption,thefts and a serious
drain of people”s lifestyles.
I WISH IT TO BE A COMPLETE FAILURE
casinos bring on a spinoff of criminal activity …..in guyana a high level of criminal activity is already present …….so Buddy’s has already imported the gaming devices …good to be a friend of the jagdeo PPP …..when Rahaman tried to operate a few machines at Palm Court it was seized and Rahaman removed himself to Trinidad where the govt was more business friendly to ALL
Badlall please don’t forget miss GUYANA.
Yep, with Guyana’s daylight killings, it would not be long before people in the gambling community learn that Guyana is no place to go to gamble. Suriname has had some successes with casinos. Princess Casinos and Hotel Torarica are 2 safe and popular ones, with a lot more around the Water Kant (River Side) area. Trinidad has a few casinos too, such as the one of Fredrick Street and Grand Bazaar, but the best I have seen in the Caribbean is right next door – Suriname.
Red Lion
Joe, the financial disaster of our world today is the result of both the US and Europe. The IMF and the World Bank are controlled by them, and there is hardly any nation that has come out of poverty dealing with these institutions. There is a silent war underway between the US and Europe as a result of more and more countries accepting the Euro as an accepted currency to conduct their international trade.
The world has long suspected the Bank of America printing money and issuing Bonds and Bills wildly. Yep, they printed it and used it to finance their demand for foreign products, without worrying about these instruments returning to the US, because these US financial instruments were the medium through which world trade was conducted, and Government and Banks around the world simply hoarded it to pay for their own imports. The growth of the world economy was simply absorbing the amount printed. With the launching of the Euro, a lot of investors went knocking at the door of the Bank of America to redeem their financial instruments; hence the price of gold went up. Some claimed that this was the primary reason for the invasion of Iraq. Remember Saddam switched for Dollar to Euro as the currency that he would accept payment for his oil in.
It is a long story Joe, but this century we would see the coming of a South East Asia Currency, a Pacific Rim Currency and so on, and if you demand goods from these places, you would be required to be paid in their currency as well. This world is not about the US and Europe any longer.
Rgds,
Red Lion
Red lion,
You have most of the facts correct, and thanks to blog sites we can now share our ideas, learn from it and provide food for thought.
Only the US treasury is authorised to print currency, not the banks, but here is where the slight of hand trick comes in. If the US governments want a million dollars, they must first request it from the Federal Reserve ( A private corporation), The federal reserve then allow the printing for the amount which the US government must now borrow from the federal reserve at interest.
That is like me owning my own printer and being able to print my own money, but I am trapped into an agreement with you which says that after I print my money I must give it to you so that you can lend it back to me at interest. I can go on forever, but to get the true picture of the scam that is taking place in the entire world,by the system of usery, I urge everyone to read the book “Web of Debt”
Many muslim countries have sharia law, which outlaws the evil practice of usery.
Jesus overturned the tables of the moneylenders in the temple, not because they were doing business in the temple, but because of the evil human bondage and subservience over our fellow man, that the practice of usery creates.
Most world governments are trapped in this system, but the masters of the world are very concerned by to powerful weapons now in the arsenal of ‘We the people of the world” those two weapons are the internet and the blog site.
They realise that we are no longer listening to the lies and coverups of their media mouthpieces. We now know the true intent of all their wars and yes In am aware that Sadam Hussein was selling his oil for Euroes before they attacked him, Iran is also planning to do the same and hence the coming attack on Iran.
They keep us scared by telling us of an axis of evil and the ever presence of “terrorists” in our midst,who are bent on bringing the world towards nuclear war. meantime they are the ones with the most nuclear weaponry
The great musical philosopher, Bob Marley said “have no fear for atomic energy, none of that can stop the times”. He is right, I say to these power crazy madmen, go ahead press the button and end all life as we know it. They believe that they can go underground in lead lined bunkers and live happily everafter for the next ten thousand years. I say spare me that kind of existance, go right ahead and blow me to bits instead.
Joe.
First, it was the Drug cartel and all the criminal activities that it produces, now Guyana is talking about Casino gambling and hotels. Sounds like some folks are glutton for more punishment.
The GPF and the joint services are up to their eyeballs with crime prevention and without much success I might add, so now the Gov’t is planning to increase their burden. Good luck if you think that this new ‘Top Cop’ have a clue.
Guyana’s future for growth and job creation has always been and will continue to be in the field of agriculture and food production. The bread basket idea is still the most viable for the land with many waters like Guyana.
No Problem Bob,
Ok if it is the Treasury. You have folowed it closely, but I know that in any country it is the Central Bank that does it. The Bank of America is the Central Bank of the US. It is easy to see where the rip off is taking place when countries around the world all use the US Dollars, Bills and Bonds to pay for goods. When these instruments (not just notes here) go overseas, they are hoarded and move from one country’s banks to another country’s bank.
Long ago Central Banks(The Bank of England) were only allowed to print money if they can back what they print in gold. Then they changed that to hold just a small percent in gold reserve. When investors around the world were knocking at the door of the Bank of America to redeem their Bonds and Bills, a severe strain was placed on the US gold reserve, hence the price of gold sky rocketed.
Red Lion
…paranoid, paranoid and conspiracy theories together makes a remarkable combination for growth of any kind…lol
This Government and Jagdeo has no vision their are short sited a Casino in Guyana? Here we go again Buddy’s and the Casino. Did Buddy pay back the money? what revenue was paid? The poor man getting poorer and the rich is getting richer.
So many more important matters that this PPP Government need to focus and place their attention to – Reduce the VAT so that the many can afford to put food for their Children on the table. Creating employment so that young people can find jobs rather than running away to other country. Stop borrowing Helicopter to catch the criminals when you can spend the state money more wisely. The airport improving, building runways and proper security to stamp out the drug trafficking, proper drainage facility to encourage farmers to produce more food.
Burnham was recognise however, as a visionary for example some of the things he has done for the country – Silo for the rice farmers to speed up their milling process, proper roads for farmers, proper drainage for farmers, Toll station, which was destroy by the PPP government, Santa Textile Factory (sold by PPP), Demerara Harbour Bridge, Clay Brick Factory, Facilities for Amerindians craft, Education from Nursery to university and I can go on and on. The Demerara bridge was another brain child of Burnham. Now the education system has drop immensely- more are focusing on Literacy classes to assist the children who cannot afford. Teachers leaving, Nurses leaving and all the good people who supposed to be there to improve that country.