03142017 business

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business@tribunemedia.net

TUESDAY, MARCH 14, 2017

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Island Luck eyes HQ at Montagu Hotel site By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Island Luck web shop chain is “contemplating” whether to construct a corporate headquarters for its expanding group on the site of the former Montagu Beach Hotel, Tribune Business can reveal. Dirk Simmons, chief financial officer for Island Luck and Playtech Systems, which is headed by Sebas Bastian, confirmed that it was mulling possibilities for the site bordered by Higgs See pg b5

CFO confirms ‘contemplating’ use for property Would renovate site derelict for over two decades Web shop group moves into securities, insurance Cleared lot of the Montagu Hotel property. Photos: Terrel W. Carey/Tribune Staff

Chamber chief warns: ‘Don’t blow up nation for sake of election’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce’s chairman yesterday warned all politicians to “not blow up the country for the sake of winning the election”, after the FNM’s leader threatened to reverse Baha Mar’s sale. Gowon Bowe told Tribune Business that Dr Hubert Minnis’s comments, in a posting on his Facebook page, sent a potentially chilling message to investors while also threatening to undermine the Bahamas’ long-cherished reputation for political stability. He added that ‘political stability’ was one positive repeatedly referred to by both international credit rating agencies, Moody’s and Standard & Poor’s (S&P), and given the Bahamas’ ‘junk’ creditworthiness this nation could ill-afford to jeopardise this now. Mr Bowe spoke out after Dr Minnis suggested that the FNM, should it win the upcoming general election, would undo Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE) and instead seek a different buyer for the $4.2 billion development. The Chamber chairman suggested that the remarks were reminiscent of the many promised made by now-US president, Donald Trump, on the campaign trail, and that it was difficult to determine whether the FNM leader was being

Minnis remarks undermine ‘political stability’ Creating ‘uncertainty’ for CTFE, all investors Questions if evidence Baha Mar deal bad

Denied web shop slams 10-year bar By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The only web shop operator denied a license yesterday slammed the 10-year block on new industry entrants, saying: “It makes no sense.” Anthony Brown, Bet Vegas’s president, told Tribune Business that the 10-year moratorium announced by the Government was illogical “under the current circumstances” given his company’s ongoing Judicial Review action. Anthony Brown, Bet Vegas’s president, told Tribune Business: “First and foremost, they haven’t really fully regulated the industry. How can a moratorium be issued with a matter pending before the courts? “This doesn’t make any sense. You have to resolve the pending issues first and

Bet Vegas chief: ‘It makes no sense’ Says he will continue ‘expanding and hiring’ Questions: ‘What is the Gaming Board doing?’ then move on from there. If the moratorium is for eight, but you’re saying there are only seven licensed, then who is the eighth?” Nine companies applied for gaming house licenses when the Government began the process to legalise, regulate and tax the sector. Eight applicants were subsequently provided with provisional licenses,with See pg b3

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QC pledges battle against Freeport’s incentive regime By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A prominent QC has promised to this week launch a legal action challenging Freeport’s new investment regime, describing the city’s business climate as “a lose-lose proposition for all concerned”. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business he planned to challenge “the unconstitutional deprivation” of Grand Bahama Port Authority (GBPA) licensees’ “vested rights” through the Grand Bahama (Port Area) Investment Incentives Act 2016. And he reiterated that the legislation, which now requires the 3,500 GBPA licensees to apply to the Government for renewal of their real property tax, income tax and capital gains tax exemptions, had also imposed a “discriminatory See pg b4

Smith to launch Incentive Act litigation this week Says business in Freeport a ‘lose-lose proposition’ Govt confirms tax break ‘clawback’, penalties

FRED Smith QC

PHA merger ‘no magic wand’ for health efficiency By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government cannot simply “wave a magic wand” and hope that merging the Public Hospitals Authority (PHA) with the Department of Public Health will cure all the public healthcare system’s woes, a well-known physician said yesterday. Dr Duane Sands, the FNM’s Elizabeth candidate, told Tribune Business that the plan to merge

Sands: NHI rush may cause ‘disastrous implement’ Says only concern on reforms is: ‘Do it properly’ the two into a Bahamas Health Services Authority needed to be properly thought through to “avoid a See pg b2

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Gowon Bowe serious or just seeking to pander to popular opinion to win votes. “Unfortunately, the question remains as to how much of it is political jargon and political fodder versus a real likelihood that this is something to be done,” Mr Bowe told Tribune Business of Dr Minnis’s comments. “There are many things you promise and commit to, but in reality there are rules See pg b4

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