US casino giant, Park Place Entertainment has announced that it will hold back from establishing any major operations in the UK market until legislation concerning the taxation and regulation of such entities has been confirmed.
As part of the government's plans to deregulate the sector, the Department of Culture, Media and Sport recently published a guidance paper which provisionally approved the creation of several Las Vegas style casinos throughout the country. However, policies on licensing and duty levels have yet to be confirmed.
"If you are looking to make large investments in resort-style casinos you need to know how the licensing people will approach their jobs," Park Place's head of international operations, Peter George, told the Times this week, adding that:
"There's always a danger you'll miss a good deal but it could be two and a half years before the legislation is published. We're in it for the long haul and we want to make the right decisions."
Mr George went on to suggest that with regard to tax, a harmonisation of duty rates in line with bookmakers represented "the logical outcome".
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