Golden Princess Casino at the Corozal Free Zone in northern Belize has closed its doors. There has been no official word from the management of the casino but speculations as to the reason for the closure are rampant.
Unconfirmed reports are that the casino will be moving across the border to Mexico as the casino is operating at a loss in Belize. Sources also say that the facility at the Belizean border is being put up for sale at $55 Million BZD.
Meanwhile, others are questioning whether the recent Money Laundering and Terrorism (Prevention) (Amendment) Bill; the Financial Intelligence Unit (Amendment) Bill 2014; the Domestic Banks and Financial Institutions (Amendment) Bill, 2014 and the Companies (Amendment) Bill, 2014, passed in the House earlier this month, may have played a role in the casino management’s decision.
The new laws are very stringent and in the case of casino owners and their investors, personal information would have to be declared. According to the casino’s website, they employ some two hundred persons who we understood were taken by surprise with the closure. We thank Rhenae Nunez for this story.