• Follow us

Bermuda News

Prospective BCB owner dismisses gaming link | The Royal Gazette:Bermuda News

Sam Strangeways, Jonathan Kent, Business Editor

Published Feb 6, 2019 at 8:00 am (Updated Feb 11, 2019 at 5:30 pm)

Major acquisition: Bermudian businessmen John Tartaglia and his partner, Michael Moniz, are the co-owners of MM&I Holdings

Major acquisition: Bermudian businessmen John Tartaglia and his partner, Michael Moniz, are the co-owners of MM&I Holdings

Related Stories

The owners of a company that was poised to make tens of millions of dollars from a controversial casinos deal with the Government are now involved in a deal that will lead to the purchase of a Bermuda bank.

Bermudian businessmen John Tartaglia and Michael Moniz, owners of MM&I Holdings, were named last week on a notice to incorporate Permanent Capital Holdings Ltd, a local affiliate company of a private American investment firm, which announced yesterday that it was purchasing Bermuda Commercial Bank.

The pair were listed in the legal notice alongside lawyers Mark Pettingill and Grant Spurling, of Chancery Legal law firm, and Logan Sugarman and Lewis Katz, managing partners of New York-based Permanent Capital.

But Mr Sugarman said in a statement: “It is unfortunate that in using a local law firm and its recommended interim legal structure, Permanent Capital, was linked to another local business with which it otherwise has no association.

“The sole owners of Permanent Capital Ltd and the sole owners of BCB post-close are and will be Lewis Katz, Logan Sugarman and Chris Maybury.”

Mr Pettingill, a former politician who is Permanent Capital’s lead counsel in Bermuda, told The Royal Gazette the intention was to “maintain the status quo” and “grow” the bank with its existing team.

He said providing banking services to the gaming industry was “absolutely not a focus” and did not form part of BCB’s business plan. Mr Pettingill added: “There is no gaming industry on island to bank.”

A spokesman for Permanent Capital said Mr Tartaglia and Mr Moniz were directors of a local holding company that was being used to enable the merger agreement to go ahead, and neither they, Mr Pettingill nor Mr Spurling would be the ultimate owners of BCB once the transaction was completed.

Mr Tartaglia and Mr Moniz were behind an attempt to land a lucrative government contract to provide a cashless gaming system to any casinos that opened in Bermuda, as outlined in a special report in The Royal Gazette in October 2017.

MM&I entered a non-binding memorandum of understanding with the Government a year before casino gaming on the island was approved in Parliament — while Mr Pettingill sat in Cabinet as Attorney-General, along with the late Shawn Crockwell, who was the tourism development minister and responsible for gaming.

The ten-year deal, with the option for another ten years, would have allowed MM&I to reap 40 per cent of gross gaming revenue from all electronic gaming devices on the island, as well as an 8 per cent transaction fee on money exchanged for chips on dealer-operated tables.

The rewards were expected to be substantial, based on projections in a 2010 green paper on gaming.

The government-commissioned report estimated that casino gambling could generate potential revenues of between $84 million and $146 million a year, with electronic gaming accounting for about three quarters of that.

The potential cashless gaming deal was flagged up as a cause for concern by the Bermuda Casino Gaming Commission, which warned that individuals associated with MM&I’s partner firm, Florida-based Banyan Gaming, had previously surrendered their gaming licences in two major US gambling jurisdictions.

The MOU was terminated by the Government in July 2016.

Banyan representatives appeared as “expert” panellists at a Progressive Labour Party forum ten months later and told the audience that a cashless system for casinos should be mandated by law.

Present at the forum were Mr Pettingill and Mr Crockwell, who set up a private law firm after leaving Cabinet, which went on to represent MM&I.

In response to The Royal Gazette’s special report, MM&I said in a statement issued by Mr Pettingill that it would give the majority of any profits it made from a casinos deal to “churches, community clubs, vulnerable citizens’ programmes, etc”.

Mr Tartaglia said in July last year that MM&I no longer had “any interest in participating in the gaming industry in Bermuda”.

Banyan’s chief executive, Ken Jarvis, said the company had “no intention of becoming involved in the Bermuda gaming industry”.

No casinos have opened in Bermuda since the law to allow them was passed in December 2014. Regulators said one of the key stumbling blocks has been the unwillingness of local banks to be involved in the industry.

The Royal Gazette asked the island’s three largest local banks a year ago if they had decided whether to conduct financial transactions for any casinos that open here.

HSBC said it had taken a global decision to limit its involvement with the gambling sector.

Clarien said it would make a “risk-based decision” on whether to have further discussions with its stakeholders, including its overseas correspondent banks, once it had a better understanding of the island’s casino legislation and regulations.

Butterfield Bank declined to comment.

• UPDATE: this article has been amended to include a statement by Logan Sugarman regarding the ultimate ownership of Bermuda Commercial Bank.

• On occasion The Royal Gazette may decide to not allow comments on what we consider to be a controversial or contentious story. As we are legally liable for any libellous or defamatory comments made on our website, this move is for our protection as well as that of our readers.

Read More

Leave A Comment

More News

All Stories

Humpback whales in the spotlight 2019-02-19 07:04:00A local filmmaker hopes to shed light on the mysterious lives of humpback whales with the release of his new documentary.Conservationist Andrew Steven

Bermudians to shine at BIFF 2019-02-19 06:05:00Local actors, directors and producers will take centre stage at the opening two days of the Bermuda International Film Festival. Four events highlight

Global rankings for Bermuda lawyers and firms 2019-02-19 03:00:00Chambers and Partners, the UK-based publisher of annual law firm guides, has lavished praise on Bermuda's legal community in the Chambers Global 2019

Somerset must take 'stern action' 2019-02-19 03:00:00Crenstant Williams, chairman of the Bermuda Football Association referees committee, has condemned the racist abuse that referee Martin Wyer was subje

Correctional and spiritual guidance 2019-02-19 03:00:00In the 25 years Edward Williams worked as a prison officer he earned a reputation for caring, but also for being firm.He's especially proud to have h

Cybersecurity focus for Bermuda conference 2019-02-19 03:00:00Cyber coverage and cybersecurity solutions will be the focus of the inaugural NetDiligence Cyber Risk Summit Bermuda, at the Hamilton Princess and Bea

Davy guilty of heroin smuggling 2019-02-19 03:00:00A Jamaican national who fled the airport during a customs search has been found guilty of smuggling heroin.Omar Davy, 38, was spotted on CCTV taking a

Webinar on managing company benefit plans 2019-02-19 03:00:00A webinar class is being held this month to assist businesses and finance professionals better understand employee benefits management that can be con

'Potential mould' at TN Tatem 2019-02-19 03:00:00A classroom closed over mould fears at TN Tatem Middle School has been shuttered for months, the shadow education minister claimed yesterday. Cole Sim

Writers Philip, Martin to be honoured 2019-02-19 03:00:00Veteran journalist, author and historian Ira Philip will be honoured with a special tribute on Thursday.The Atlantic Publishing House and the Leopards

Two more athletes hit Carifta standard 2019-02-19 03:00:00The total number of Bermudian athletes eligible for the Carifta Games climbed to eight after two more met the qualification standard at the weekend.Ry

Cookie company is sweet success for teenager 2019-02-19 03:00:00They say you have to break a few eggs to make an omelette; and the same might be said for baking cookies.Learning to bake, Ahmani Peets spent months p


BHW Parade Of Bands Event Moving To Hamilton New! 2019-02-21 18:08:56The Bermuda Heroes Weekend Parade of Bands event will be held in the City of Hamilton this year, according to organizers. A spokesperson said,...

30 Minute Video: February 21 ZBM Evening News New! 2019-02-21 17:40:24With an aim to expand the way they deliver their news to the community, the Bermuda Broadcasting Company is continuing to live stream their evening...

68-Year-Old Taxi Driver Arrested After Crash New! 2019-02-21 17:15:28A 68-year-old Sandys parish man, was arrested on suspicion of impaired driving yesterday [Feb 20] following a crash on Middle Road in Southampton,...

Weather Forecast For Friday February 22 New! 2019-02-21 17:00:50Friday, February 22 is expected to be windy, rain showers early with clearing late, with the high to be near 21°C/70°F and the low to be near.

16-Year-Old Boy Assaulted In Pembroke Area New! 2019-02-21 16:49:04A 16-year-old boy was attacked by two other males in Pembroke this morning [Feb 21]. According to police, the teen was taken to hospital via...

Chief Justice Quashes Minister’s ATV Decision New! 2019-02-21 16:38:58[Updated] The decision to allow proposed All Terrain Vehicle [ATV] tours in the West End has been quashed in the Supreme Court today [Feb 21]. In his.

HSBC Bermuda Year End 2018 Financial Results New! 2019-02-21 16:02:47“HSBC Bermuda’s total operating income before expected credit losses remained flat compared to 2018 at US$280 million, with increases in n

Photos: Black History Month At Paget Primary 2019-02-21 15:26:34Paget Primary School students and teachers transformed some of their classrooms into Black History Museums today [Feb 21], celebrating Black...

Ministry: 35 Bus Runs Cancelled On Thursday 2019-02-21 15:00:32[Updated] The Ministry released the list of bus cancellations for this morning [Feb 21] with the list indicating that there are two bus runs...

Boys Volleyball Team Represent Island In Boston 2019-02-21 13:01:45Bermuda’s Junior Boys National Volleyball Team travels to Boston tomorrow for the Mizuno Boston Volleyball Festival, February 22 – 24, 201

Process For Home-Grown Tourism Experiences 2019-02-21 13:00:41The popular Bermuda Tourism Authority investment programme which helps entrepreneurs get their new ideas off the ground will now accept applications..

Basketball League: Skyforce & Chargers Win 2019-02-21 12:51:16The Bermuda Basketball League continued inside the Bermuda College Gymnasium with a double header that produced 195 points. Game One saw the Pembroke.

Caribbean News Now! Daily

The Cooler War: Lines being drawn by Venezuelan 2019-02-18 15:45:15By Youri Kemp Caribbean News Now associate editor youri@caribbeannewsnow.com NEW YORK, USA — The Trump administration, Venezuela’s Preside

EU blacklists Panama, The Bahamas, Puerto Rico, Trinidad 2019-02-18 15:39:36By Youri Kemp Caribbean News Now associate editor youri@caribbeannewsnow.com BRUSSELS, Belgium — Afghanistan, American Samoa, the Bahamas, Botsw

UK aid to provide life-saving assistance for Venezuelans 2019-02-18 15:35:57LONDON, England — The UK is providing an emergency aid package to treat malnourished children, and provide vaccinations and clean water to the m

CDB, AFD and EU strengthen partnership to build 2019-02-18 15:33:34BRIDGETOWN, Barbados — €3 million has been added to the efforts to create a more a more climate-resilient Caribbean region. Officials of th

Turks and Caicos encouraged to develop cyber security 2019-02-18 15:31:57By Gerard Best PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands (TCI) has been urged to strengthen its cyber security sys

Virgin Voyages first ship “Scarlett Lady” to feature 2019-02-18 15:29:49By Youri Kemp Caribbean News Now associate editor youri@caribbeannewsnow.com MIAMI, USA — Virgin Voyages has now opened bookings for its first s

Seaborne Airlines returns to the Dominican Republic with 2019-02-18 15:28:08SAN JUAN, Puerto Rico — Seaborne Airlines has returned to the Dominican Republic with nonstop service between San Juan’s Luis Muñoz

What sportsbook odds say about a game 2019-02-18 15:26:01Sports betting is becoming more popular in Germany year after year. More and more people are actively taking part. The majority of customers make spor

Commentary: Pelosi makes it official: Trump is the 2019-02-18 14:08:16By Anthony L Hall House Speaker Nancy Pelosi (D-Calif.) went viral for two things last week: For the condescending way she clapped at Trump durin

Commentary: Elected officials should not be dual nationals 2019-02-18 13:59:53By Sir Ronald Sanders The law is the law and it is binding on all who dwell or visit within its jurisdiction. The law is particularly binding on those

Commentary: The View from Europe: The private sector 2019-02-18 13:58:02By David Jessop Caribbean private sector organisations are important. They like the media, academia and non-governmental organisations are central to

Commentary: What is going on in Haiti? 2019-02-18 13:56:27By Jean H Charles Haiti is going these days into its Fourth Revolution; the rest of the world barely takes notice. Indeed after its Revolution in 1800


Elected officials should not be dual nationals 2019-02-17 07:52:14The law is the law and it is binding on all who dwell or visit within its jurisdiction.   The law is particularly binding on those who

Saint Lucia 40th Independence Celebrations 2019-02-16 23:00:49The present issue of Our Saint Lucia is dedicated to Saint Lucia’s 40th year of Independence being observed on 22nd February 2019, under the the

Name That Voice 74 2019-02-16 00:15:42Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Barbados Bans Straws 2019-02-15 23:00:52RELEASE: February 2019, London. From Monday, April 1, the importation, retail, sale and use of petro-based single-use plastic (plastic made from petro

U.S. Virgin Islands committed to Regional Collaboration 2019-02-15 22:59:39U.S. VIRGIN ISLANDS COMMITTED TO REGIONAL COLLABORATION MONTEGO BAY, Jamaica (February 6, 2019) – The new head of the U.S. Virgin Islands Depart

A “Venezuelan owned” solution: too much to hope? 2019-02-10 07:22:46Commentators in western media, that dominate international news distribution, characterise any government, entity or person who speaks out against med

PALentine for You? 2019-02-09 23:00:59PRESS RELEASE: The pressure to find a date for Valentine’s Day causes millennials to go to extraordinary lengths to avoid being alone on the mos

Valentine Day Compatibility Test 2019-02-09 22:59:30Here’s a fun way to decide on the gift you’ll buy your partner or friend this Valentines. The Compatibility Calculator is a fun quiz that

Name That Voice 73 2019-02-09 00:15:15Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Celebrating Toothaches 2019-02-08 23:00:29February 9 is National Toothache Day and this made me think of my perceptions of celebrations. I thought these events were created to remember the goo

Saint Lucia’s Nobel Laureate Festival Q&A 2019-01-27 08:54:29The Nobel Laureate Festival Committee in Saint Lucia produced this video in collaboration with CHOICE TV, Mediazone Productions and Delia Dolor Media

Name That Voice 71 2019-01-27 08:26:46Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.