Granting of Concession and Licence to Oracle Casino

Granting of Concession and Licence to Oracle Casino

Points raised by the Hon. Leo Brincat Minister of Finance and Commerce during Granting of Concession and Licence to Oracle Casino.

CONCESSION AND LICENCE - ORACLE CASINO

1. The concession to open and operate a casino is granted by the Minister responsible for Finance subject to the Gaming Board issuing the licence authorising the same person (company) to open and operate the Casino in Malta.

2. Tomino Ltd will be granted a concession to open and operate the Oracle Casino against an up-front payment of Lm400,000.

3. The annual licence fee initially is Lm20,000 (revisable annually).

4. Investment by Tomino Ltd for the setting up of the Oracle Casino is Lm2.6 million.

5. Employment: a) Initially on opening - 174 b) Projected targets - 215

6. A Gaming Board for Malta has been set up to regulate and control Casino operations and to collect tax on gaming profits.

7. Process

July 97: Setting up of a Project Team & Board for the liberalisation of the Casino Industry in Malta.

September 97: Publication of Two Requests for Proposal; one for the take over of the Dragonara Casino and the other for two hotel-based Casinos.

December 97: Submission of Proposals in response to the RFP’s.

February 98: Report on proposals by Selection Committee laid on the Table of the House of Representatives. Reports recommended that at this stage only two (2) proposals were to be accepted, i.e. one for the take- over of the Dragonara Casino, which due to an impasse between the Consortium and the employees did not materialise, and the other one submitted by Tumas Group in respect of New Dolmen Hotel.

March 98: Enactment of Gaming Act 1998.

April 98: Appointment of Gaming Board in respect of the Act and setting up of Secretariat.

August 98:
a) Publication of Gaming Act Regulations 1998 by Legal Notice 193/98.

b) As a result of the Evaluation Committee’s recommendations, Tomino Ltd filed the application to open and operate the Oracle Casino.

c) Application processed and approved by the Board during its sitting of the 25th August 1998.

01.09.98