Isle Of Man Beckons Last Bids For 5* Casino Complex

by Jason Gorringe, Tax-News.com, London

23 January 2012

The Isle of Man's Department of Economic Development has said it continues to seek expressions of interest from entities interested in investing in the establishment of the island's first five-star hotel and casino complex.

The plans are part of government efforts to establish the island as an international hub in the gaming industry both in terms of the provision of physical and Internet gambling services. Interested parties have been asked to declare their interest by January 31, 2012.

The Isle of Man Gambling Supervision Commission has identified a number of key attractions for potential investors in the Isle of Man market, including: the territory's 0% corporate tax regime and capped personal tax liability of GBP115,000; the abundance of excellent banking, legal and corporate service providers found locally; and importantly, in terms of the casino project, the lack of gaming duty on terrestrial casinos and no limit on the number of slot machines.

Commenting on the on-going invitation for expressions of interest, John Shimmin, Minister for Department of Economic Development, commented:

"We have been pleased with the number of interesting responses we have received to date, but with the deadline of January 31, 2012 looming, we urge other parties who may wish to seize on the opportunity to get in touch. The Isle of Man feels that the time is right to diversify its dynamic and growing economy through the establishment of a permanent hotel and casino resort, providing a further location for gaming activities for residents and visitors alike."

The government has recently introduced a number of reforms to encourage gambling operators, including most recently the removal of stringent restrictions on venues for gambling events, such as poker tournaments, to encourage live events to the island.

In addition, the Gambling Supervision Commission has reported marked growth in the e-gambling fulfilment sector since the passing in January 2010 of the new 'exclusion regulations', which remove from licensing the common, risk-free activities undertaken by industries to support gambling operations in activities such as marketing, software provision, back-office functions and affiliate work. Further, the announcement of a new type of OGRA licence - the network services licence - will increase flexibility in terms of business-to-business relations between gambling operators licensed in the Isle of Man and global partners, the Commission said.

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