Friday, 21 February 2014

Golden Casino in Free zone Shuts its door

 Over ten years of services in the northern part of Belize on February 21st 2014 the Golden Princess Casino at the Corozal Free Zone herbys announced that their doors where closed on Friday morning. Over 135 workers were released on Friday February 21st out of 60 where laid-off. The reason on this matter is because the place went bankruptcy. Workers stayed jobless and where sent home. As far as the truth by an employee it was mentioned that the casino had been in a big loss and  bankrupt.

In getting any information it is difficult to understand the full details of why it shut down. At this time business had slowed down and makes even hard for our neighboring for the flow of traffic. On visiting the website approximately two hundred works were employed. About two months ago, the imminent shut-down was rumored, but for some reason the management were able to hide any secret for their employees.

 On February 5th an emergency meeting was called along with House of representative to alter the four important bills. The meeting representation included 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. Not likely, the resentment characteristics on the House of Meeting, while agreeing on the responsibility on the bills on the Opposition agreed on banking transparency legislations”  even if they weren't satisfied of the bills.

The realization is that the  more we comply the more higher the quality on wanting to continue to change, in a way, their is not always a satisfying, evaded, in my point of view, it will be lead to complete insidious offshore sector. But, the reality is that we must comply for the protection and preservation of our banking sector,” Leader of the Opposition Francis Fonseca said while speaking on the bills.

“ I completely agree with the Leader of the Opposition,” Prime Minister Barrow said. “ He’s perfectly correct. We have long been complaining, and it is very discouraging. These people say this is all in an effort to achieve a greater transparency, to stop trans-national crimes and that these things are necessary to preserve our democratic way of life. But, they’re going so far, that for small countries such as ours, some of their measures are actually going to result in retarding our democracy,” Prime Minister Barrow said.

Prime Minister agreed on behalf of the Leader of the opposition. On arguing in along term, it is very disappointed. The people say it is all about successfully performed. This livelihood living in democratic needs to be beyond boundaries. Being a small country,  is just making our country actually go in democracy.

Several new laws were presented for the Belize Financial Industry and also includes the casinos. That industry has another side beyond its sophistication, fascinating and bright lights. The reason it might had freak out the operation in the Corozal free zone, laws became more rigorous on  trafficking human, disguise money refuge. That may have caused the owners to flee the spot. To acquire that the building is going up for sale it was simply a migrate to mexico side.  

 Sources also say that the casino is simply migrating across the border to Mexico where pastures are greener and that the facility is being put up for sale. The asking price, we are told is $55 Million BZD.


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