The Bermuda Casino Gaming Commission (BCGC), which came in for a $1.6 million interest free, repayable loan through a Government agreement in July 2017, with another $500,000 provided in 2018, will now have to find its own funding moving forward.
According the BCGC annual reports from September 2015 through to the end of March 2017, tabled in the House of Assembly on Friday, the grant of $3.76 million to cover operational costs was “temporary”.
The report also stated that the final instalment of $610,000, scheduled to go to the commission by the end of 2016, was not issued until “the year end on April 13, 2017”.
“The Government has now advised the commission to seek commercial funding going forward. At the time of producing these financial statements, the commission has discussed commercial funding with a local bank, with the intent for this funding to be supported by a Government Letter of guarantee,” the report added.
It was also noted that repayments will start when the commission “financially attains a balanced budget position”.