By Gareth Finighan
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The newly formed Bermuda Tourism Authority has been handed a $23.1 million Government grant to fund tourism initiatives in the coming year.
That figure is $4.2 million or 15 percent less than the $27.3 million allocated to Governments Bermuda Department of Tourism last year.
The BTA, staffed by a team of non-political industry experts, will take over control of product development and marketing strategies from the defunct Department of Tourism at the start of next month.
Tourism Minister Shawn Crockwell had previously said that the change was necessary to maintain continuity and ensure that political interference is removed.
Despite the cut, Finance Minister Bob Richards said Government believes in tourism as essential to the provision of long-term job opportunities.
Delivering his Budget statement in the House of Assembly this morning, Mr Richards said: Government has made huge commitments to the support and revitalisation of tourism. The Bermuda Tourism Authority and its funding is a manifestation of this commitment, in addition to millions of dollars of tax concessions to the hotel, restaurant and retail sectors.
This support will continue. There is a clear need in Bermuda for new hotels hotels bearing top brand names. However, these days, the top brand hotel operators seldom actually develop the physical product themselves, requiring developers to take that risk.
Mr Richards said that casino gaming was essential to our initiatives in tourism development and also in bringing in overseas hotel development. Government is to legalise casino gaming this year after controversially abandoning a pledge to hold a referendum on the issue.
The gaming model envisioned for Bermuda will be highly structured and regulated, Mr Richards said.
No more than three licences will be issued and the model will be based on the successful Singapore casino model.
The Finance Minister said Government needed to invest in port and channel improvements to enable our cruise line partners to bring their newest, most exciting ships to Bermuda.
And he said that infrastructure development will provide a boost to the flagging construction industry.
The infrastructure projects at the airport/causeway, Morgans Point and the new hotels will create many opportunities for local contractors, both large and small and result in those investments being multiplied over and over again throughout the Bermuda economy, he said.
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Published Feb 21, 2014 at 11:27 am
(Updated Feb 21, 2014 at 1:05 pm)
Funding for tourism initiatives cut by 15 percent
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