Commercial banks have said that there is “not enough demand” or interest for the establishment of a viable gaming sector, the Premier told the House of Assembly.

However, Mr Burt also said on Friday that the anticipated opening of the Fairmont Southampton could revive interest in gaming.

He added: “ … they have a casino licence, whether or not they get there.

“Because that’s the feedback from the private sector, there is not enough demand or business to make it viable from that particular angle.”

The Premier was responding to questions from Douglas De Couto, the Shadow Minister of Finance, during the 2026-27 Budget debate on allocations for the finance ministry.

In the Budget for the upcoming fiscal year, the Bermuda Gaming Commission was allocated grant funding of $800,000 — equal to the actual figure for 2024-25 and the revised amount for this year.

“My question to the Premier is, why not shut it down?” Dr De Couto asked about the body.

Dr De Couto, in his Reply to the Budget last May, said that the One Bermuda Alliance was “very disappointed to see no progress on the development of gaming on the island and no progress in reforming or eliminating the gaming commission”.

A passing reference to the BGC was made in the shadow minister’s Budget reply last month, when he noted the “millions wasted” on it.

Dr De Couto asked on Friday what “realistic expectations” the Government had for island banks to serve the gaming sector.

Mr Burt said the restricted bank framework to make gaming viable was modified in 2024.

In addition, he said discussions were also held last year with the US Office of the Comptroller of Currency, which is the primary federal regulator of the banking system in the US.

He said: “The reality is that, there is no appetite there from the private sector.”

The Premier noted that the gaming body was serviced by five full-time employees and he said the organisation’s finances included money collected from entities in the form of fees.

He said the commission forecasted licensing and registration fees for cruise ship casinos this year to be about $830,000. It also projected a $5,000 sum in fees from other areas.

In other updates to MPs, Mr Burt said that last year the island continued to attract new business. He noted “a steady” registration of entities with the Registrar of Companies, totalling 822 new entries.

The number included 162 local entities, which he said “reflects the jurisdiction’s appeal as a place to establish and conduct business”.

Mr Burt told the House that the Ministry of Finance had been allocated $291.2 million.

The Budget book showed that revenue to the finance ministry from customs was estimated at $223.13 million for the year ahead.

Wayne Furbert, the Junior Minister of Finance, provided information about the customs department budget and said that residents could expect additional “broad” duty relief in 2026-27, designed to “lower the cost of living and stimulate economic growth”.

He said that tax cuts were earlier made on parts for motor vehicle repairs and in the upcoming year the list would be extended on ten additional tariff codes.

The cuts cover other vehicular items such as pumps, filters, cabling and ignition equipment, with an estimated overall saving of $497,207.

Duty relief will also be introduced for essential imported food items such as fish, seafood, meats, fruits and vegetables, as well as hygiene products.

Mr Furbert said based on existing data, the relief would cut Bermudian household costs across the island by $3.9 million.