This was revealed in today’s January 18, 2022, Speech from the Throne which detailed that the legislation will guide the sector at the global and national level, given its vulnerability to infiltration by money launderers and terrorist financing.
“Towards this end, Gaming and Betting Regulations will be introduced to govern the licensing and operation of businesses engaged in gaming and betting activities in the Virgin Islands,” Governor John J. Rankin, CMG detailed in his Speech from the Throne.
Already, according to the 2022 report of the Standing Finance Committee (SFC) Deliberations of the meetings of November 12, 2021, held at Maria By the Sea, the Fahie Government revenue department is projecting millions in revenues from the sector.
“The Member for the Second District [Hon Melvin M. Turnbull] noted that given the Medicinal Marijuana Bill had not been assented to, he inquired about the anticipated revenue from gaming throughout this fiscal year once everything had been mobilised to allow persons to operate.”
A Policy Analyst from the revenue department then advised that approximately $5.7 Million was estimated for gaming in 2022.