Study: Gaming Would Add Nearly 3,000 Jobs, Up to $146 million / year to Our Economy
Today, Premier Ewart Brown tabled a Green Paper in the House of Assembly that concluded that gaming would add nearly 3,000 jobs and up to $146 million a year to Bermuda's economy. Premier Brown introduced the Green Paper:
Certainly I do not suggest that the introduction of gaming in any of its forms is the sole solution to the revitalization of our tourism. But I see it as an amenity; something that we must offer to attract more visitors to our shores. To quote one hotelier who supports the introduction of gaming, Mr. Speaker, “hotels have bars and pools but not everyone drinks or swims…..they are amenities.”
The tourism focus of the discussion on gaming is a useful one, Mr. Speaker, but it is only one. Against the background of global economic realities that defy traditional norms, the key to survival is diversification in a sustainable manner. As I indicated in my remarks immediately following last week’s Budget Statement, we are called upon to examine opportunities for new revenue streams. The potential of gaming in this regard cannot be ignored and old arguments against its introduction must be tempered with the realities of the global economy.
Mr. Speaker, an object example of how need manifests change can be seen in Singapore. Honourable Members may be aware that this Southeast Asian city enjoys a reputation as a stiff, heavily policed and well regulated place. These attributes have made it the home for a number of international companies who value the jurisdiction’s commitment to the rule of law and an excellent infrastructure that meets their needs in the Region. Sound familiar? Faced with declining visitor numbers however, Singapore has been forced to make a shift in how it attracts its visitors and maintains its market share in the increasingly competitive tourism marketplace.
Mr. Speaker, some of the things Singapore has done include:
• Closing its downtown streets during the last weekend of September to create a Formula One Grand Prix circuit
• Outdoor concerts featuring Beyonce, the Black Eyed Peas and Gwen Stefani
• And yes, casino gamingMr. Speaker, Singapore expects to boost its tourist arrivals by 7 million people and its total tourism receipts to 21 billion dollars. The Government has played a significant role in the implementation of casino gaming and the effect of that has been to ensure that no Las Vegas style neon lights announce the location of such a facility. Instead, casinos are hardly noticeable and form part of what the jurisdiction terms “an integrated resort”.
Read the comprehensive Green Paper for yourself. When it comes to spurring tourism, time and again, gaming is a proven winner. The Green Paper:
The casino industry has proven to be a catalyst for tourism development in other jurisdictions, the chart below shows just how important U.S. adults and travel and tourism professionals feel that the casino industry has become to the overall tourism market in the U.S. Approximately 65% of Americans feel that casinos are a very or somewhat important aspect of tourism industry. Among Travel and Tourism Professionals, this number jumps to approximately 84% revealing the strong importance of gaming in overall leisure and travel.
Those statistics are worth repeating. 84% of travel and tourism professionals - the people who are promoting Bermuda - say that gaming is important. And, in our primary tourism market, the United States, fully 65% of Americans say that gaming is important to them.
As The Green Paper notes, gaming is a win-win-win for Bermuda. It's a win for job creation. It's a win for tourism. It's a win for construction. It's a win for our tax base. And, it's a win for our economy.
As always, the transparent PLP Government cares about what you think about this Green Paper. We are soliciting comments and suggestions from the public. Please submit your feedback on or before 30 April 2010 to greenpaper@gov.bm
Update (3/11/10): Hard copies of the green paper are available at Alaska Hall.
