Mr. Robert “Sandy” Sands, senior vice-president of external and governmental affairs at Baha Mar, says: ...while he supports regularising number houses ...he is not an advocate of Bahamians being allowed to gamble in local casinos

Bahamians ‘Not Disciplined Enough’ To Use Casinos


By SANCHESKA BROWN

Tribune Staff Reporter

sbrown@tribunemedia.net

ROBERT “Sandy” Sands, senior vice-president of external and governmental affairs at Baha Mar, said yesterday Bahamians are not “disciplined” enough to be able to gamble in casinos locally.

Mr Sands’ comments came after Prime Minister Perry Christie said that permitting Bahamians to gamble in local casinos will not be considered in the referendum on a national lottery.

Mr Sands said while he supports regularising number houses, he is not an advocate of Bahamians being allowed to gamble in casinos.

“I am a strong advocate of limited relaxation for Bahamians gambling in casinos. I believe the government should examine the opportunity for high net worth for persons who can verify their ability to sustain gambling for limited periods like over a month or something like that.

“I support gambling for persons who come on short term work permits, especially in the entertainment business. I also support gambling for persons of high net worth who have permanent residency in the country and people with second homes,” he said.

“However, I do not support opening the floodgates totally. We are not a disciplined enough community. I understand rights, but there are some rights we have to take away from individuals for their own benefit. We have to find the balance and even with the liberalization of the number houses there might be an opportunity where numbers may be able to be purchased through a window at the casino. But no I do not support Bahamians gambling in the casino.”

As it stands gambling is illegal in all forms for Bahamians and non-citizen residents of the Bahamas. However, Prime Minister Christie has promised a referendum on the legalisation of gambling and a national lottery before the year is out. He said a referendum is necessary to remove the “contradictions” that have led to gambling continuing to be illegal, yet widely practised and accepted.

Mr Christie said: “It is something that I think is very necessary to remove these enormous contradictions that exist in our country where every single Bahamian is walking around knowing that they (illegal web-shops) exist. We cannot have this system... where people are paying national insurance payments, making other institutional payments and then otherwise pretending that this activity is lawful. That cannot go on any further.”

He said he is working in the Ministry of Finance on scheduling a time for the referendum. He also said the former government “has done a lot of work on that” to the point where the former government created draft legislation.

It has been estimated that a national lottery could pump more than $190 million into the Bahamas’ economy annually.

Currently there are at least 16 independent numbers houses in New Providence alone, with another six in Grand Bahama and a few spread throughout the Family Islands.

The Bahamas Christian Council (BCC) has gone on record opposing the legalization of gambling in any form in the Bahamas.

July 06, 2012

Tribune242

Caribbean Blog International

Dr Duane Sands, the former chairman of Bahamas Mortgage Corporation (BMC) says: ...the newly-elected Christie administration's goal of building 1,300 new houses over its five-year term was "probably unachievable"... ...suggesting it should instead focus on continuing to reduce the Corporation's 35 per cent loan arrears rate

Gov't's 1300 Housing Goal 'Unachievable'


By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE former Bahamas Mortgage Corporation (BMC) chairman yesterday said the newly-elected Christie administration's goal of building 1,300 new houses over its five-year term was "probably unachievable", suggesting it should instead focus on continuing to reduce the Corporation's 35 per cent loan arrears rate.

Dr Duane Sands told Tribune Business he was doubtful the BMC would be able to finance the aggressive housing initiative proposed by the newly appointed-housing minister, Kenred Dorsett, questioning: "Where is the money going to come from?"

Mr Dorsett, the minister of the environment and housing, recently said more than 1,300 government homes were expected to be built over the next five years.

But Dr Sands told Tribune Business that while the Bahamas Mortgage Corporation's financial standing had improved, he was doubtful it would be able to finance that many homes.

He explained: "It is difficult to imagine where the money is going to come from, because the Mortgage Corporation's financial standing - while improved - is not likely going to be strong enough to sustain that degree of new debt.

"If you have a deficit in the national Budget of $500-plus million in just this year alone, the likelihood that we are going to be able to afford any additional spending is going to be unlikely. I find it to be a very aggressive, ambitious and probably unachievable goal."

Dr Sands added: "I don't know where the money will come from. Floating more bonds means now that you have more guaranteed government debt. Unless they talk out of both sides of their mouth, talking about no new taxes and, at the same time, extending the government debt by new spending, I don't see how it is possible."

Dr Sands noted that the Mortgage Corporation's sinking fund is underfunded by millions of dollars. He said: "Serving that bond interest debt and bond maturity debt requires more money than the Mortgage Corporation takes in.

"The money is going to have to come from somewhere, and most likely the money is going to come from the taxpayers in some form or fashion, because the mortgage guarantee fund simply doesn't have enough money in it."

He added: "I have gone on record as saying he 2002-2007 programme was the most irresponsible use of money in the Mortgage Corporation's history. If you want to repeat that now, simply to say you have built so many houses, is unreasonable. Who is going to pay the bill?

"I would encourage them to continue to strengthen the position of the Bahamas Mortgage Corporation by aggressively pursuing some of the policies that have been shown to be effective, and which have reduced the arrears from 40 per cent to 35 per cent, as opposed to throwing caution to the wind."

Attempts to contact Mr Dorsett were unsuccessful up to press time.

June 08, 2012

tribune242

Caribbean Blog International