Ratings Agency Urges Gambling Reform In Bahamas

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Published on Tuesday, 04 December 2012 10:30

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(Caribbean News Now):  NASSAU, Bahamas -- Reform of gambling laws in The Bahamas could have a major impact on future stability and revenue growth, according to a top rating agency.

Ed Al-Hussainy, assistant vice president and analyst at Moody's, said domestic gambling legislation pales in comparison to casino regulations. While domestic gambling might have social implications, from a fiscal point of view, updated gambling laws for tourists will have a far bigger role to play in The Bahamas' economic fortune.

He told Guardian Business from New York that these regulations have the ability to provide a "big revenue boost" to a government strapped for cash.

"The bigger picture is casino regulations. I think as they get closer to Baha Mar coming online, that is going to become a much more pressing issue," he explained. "The regulations must be updated, or the country limits its potential."

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