Casino cash 'not gambled away'

MONEY poured into the casino venture 'has not been wasted'. Commerce and Employment minister Stuart Falla was quick to defend the hundreds of thousands of pounds spent trying to set one up.

He said it had got everything in place for a casino development.

Deputy Falla also claimed that a £500,000 estimate was excessive.

He said that the States had passed all the legislation and the regulator - the Gambling Control Commission - had been established.

Although his department has said it would no longer actively promote the project, Deputy Falla said that it would always be willing to speak to anyone with proposals for developing tourism.

'The door is open. If somebody came with a wonderful opportunity, we would obviously investigate it.'

St Pierre Park Hotel secured the licence in September 2003 on condition that it underwent a multi-million pound revamp.

Owner CI Traders subsequently tried to renegotiate the agreed investment and, when unsuccessful, dropped the project.

A previous bidder, La Grande Mare, has expressed a renewed interest in housing the casino following Commerce and Employment's withdrawal from the project this week.

But casino critic Deputy Graham Guille, speaking personally, said that he was dubious whether the current States would be minded to grant another licence. And even if it did, he doubted if a casino could ever be successful outside Town.

He said it would rely heavily on passing trade and questioned whether St Pierre Park would have been an ideal location.

A customer profile released in 2003 suggested that the casino client base would be 20% visitors and 80% locals.

'Having felt unable to back a casino from the outset, I am content that for the time being plans for such a facility are being put on hold,' said Deputy Guille.

He was wary of the possible negative repercussions of a casino.

'The very success of the finance industry relies on the island being above suspicion with regard to such issues as money laundering and financial crime.

'It would only take one major scandal involving financial irregularity to destroy the island's credibility in the eyes of the world.'