The Deputy Prime Minister and Minister of Finance Peter Turnquest says  Gaming Houses have  resulted in significant hardship, particularly to the family islands.

The Minister told  members of the House yesterday that since the legalization of gaming houses, around some $3 billion dollars have been gambled and that it is estimated that these business persons are making anywhere between $50- $60 million profit every year. 

He said, “when people go into these places and they gamble their money, there is a big sucking thing that happens. These Web Shops are not taking that money and investing it back in these islands.” 

Mr. Turnguest said  these businesses  have  an obligation to the communities.

He said when compared to other countries the new rate of taxation on gaming houses is incredibly low. 

“The rates in other countries could go from 25 per cent  all the way to 80 per cent  that the State takes from the operator. 

 “The taxation on gaming houses is about creating equity and recognizing that the state has a burden as a result of this activity.

“This is to ensure that the state and the operator will participate on an equitable basis,” said Mr. Turnquest.

The Finance Minister In the Budget Communication last Wednesday explained that gaming houses that make revenues up to $20 million will be taxed at a rate of 20 per cent; those that make between $20 million and $40 million will be taxed at a rate of 25 per cent; those that make between $40 million and $60 million at a rate of 30 per cent; those making between $60 million and $80 million at a rate of 35 per cent; those making between $80 million and $100 million at a rate of 40 per cent; and the gaming houses bringing in more than $100 million at 50 per cent.