Heavy regulation, perception of a lack of independence for gaming authorities and failure by Government to open-up the banking sector enough have put the future of Bermuda hosting casinos in doubt, a leading business source has said.

The comments come in the wake of a US firm dramatically pulling out of a planned gambling hub at the Hamilton Princess & Beach Club at the cost of an estimated 100 new jobs.

The well placed source said Government’s relationship with the Bermuda Gaming Commission was putting off US investors and banks becoming involved in setting up casinos on the island.

Century Casinos cited the “current legislative framework” as a reason it had suddenly abandoned the Hamilton Princess casino project after eight years involvement, as revealed by The Royal Gazette.