Monday, July 13, 2009

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BOB sustains 74% hit to net income for quarter By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com: The Golden Gates member of Parliament is suggesting retailers and other businesses stand to lose revenue with government's move to allow cruise ships to extend the hours of operation for their casinos and other onboard businesses while in port. "One only needs to take a cruise to see how cruise ships attempt to squeeze every dollar out of passengers while out to sea," Shane Gibson said in the House of Assembly yesterday. "In The Bahamas, they're able to squeeze while out to sea and while in port." It's a so called "squeezing" centered around all the activities and shops that will be onboard and available to cruise passengers after 7 p.m., according to the amended Cruise Ship Overnight Incentive bill passed yesterday. The act will change the current law that bans cruise ships from operating their casinos and other facilities while docked in Nassau. It's a situation that many argue has forced cruise ship passengers off the ships and into town seeking entertainment, shopping and tour excursions. Still, Prime Minister Hubert Ingraham said the country faces competitive pressures from many destinations within the region offering lower port fees and head taxes. There's also the trend for governments to enter into agreements with those liners to construct state-of-the-art cruise port facilities with long-term traffic guarantees. Both phenomena have made it difficult for The Bahamas to maintain or grow its share of business without providing competitive incentives, he argues. "So as to facilitate our entry into new agreements with major cruise lines, encouraging them to both maintain and increase their delivery of cruise passengers to our ports of call and to maintain a minimum number of hours in port," he said yesterday, "my government proposes to amend the act strengthening our competitive position in the cruise tourism sector." That situation, however, does not require the country to offer concessions in excess of our competition, Gibson charges. In terms of dollars of cents, Gibson argues The Bahamas could be getting more money in head tax that it will be once the amended bill comes into effect. "The net effect shows the government of The Bahamas is getting far less now than what they were getting before," he said. "And then the 800,000 [passengers] they can just bring them in and take them right back out which means there is no significant impact economically locally in The Bahamas." Tuesday, June 30, 2009