The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A major web shop operator said yesterday he would do everything in his power to ensure that a gaming industry initial public offering (IPO) becomes a reality if the industry is legalised, telling Tribune Business he would be willing to offer as much as a 49 per cent stake in his own enterprise.

While Bahamian web shop operators would likely have to amalgamate to make a share offering practical, Island Luck chief executive, Sebas Bastian, said a ‘Yes’ vote would open the door for Bahamian ownership of an industry that has been unregulated for many years.

“The Government has not said anything to us about what they may be looking at in terms of regulations; we have not been briefed on anything,” Mr Bastian said.

“Right now, the industry has been going on for half a century and Bahamians get nothing. The ‘Yes’ vote will mean Bahamians will have the opportunity to benefit via shares and ownership.

“I own the industry today, but when I’m gone I want to leave Bahamian ownership behind me. It’s time we move all of this wealth and opportunity from the select few and spread it around. People need to be empowered; Bahamians are not empowered enough.”

Mr Bastian said that if the industry was forced to shut down, it would only mean the closure of his stores but not his Islandluck.com website, which he said was licensed in the Isle of Man.

“We would close down the physical stores, but the website would remain on for the mere fact that it’s not illegal and is licensed by the Isle of Man,” he explained.

“The services are located in the Isle of Man and I have a gaming license to operate Islandluck.com. It has zero to do with the Bahamas, it’s just accessed by Bahamians from the Bahamas, so it makes that part of my business perfectly legal. It has a bank account attached to it, and my practices on that site are perfectly above board and open.”

Mr Bastian argued that it was not the webshop operators who were pushing the referendum, but rather the gGovernment. “Web shop owners made most of their money in a black or grey market. Taxes mean less revenue, so it could never be about us,” he said.

“The Government brought this referendum. We didn’t encourage or suggest it. We supported it because we could see beyond the average dollar. As long as we are able to pay our staff and pay our bills, and the dollars are used in the right way, I have no problem with taxes.”

Mr Bastian said Island Luck has 37 outlets and employs some 487 persons. “You have front line staff and security that all work directly for you; that’s a significant number,” he added.

“You have mobile PDAs that work on commission; we have about 87 mobile PDAs. They report to us every day but they are self-employed, they go out there and are paid based on commission. They pay National Insurance themselves.

“We have 138 franchises where we have panels in bars and convenience stores, where they have employees employed. The industry is employing people directly and indirectly.”