A U.S. gaming company developing a casino at the Hamilton Princess & Beach Club has pulled out of the project blaming ongoing time delays, The Royal Gazette can today reveal.

Peter Hoetzinger, president and chief executive of Century Casinos, which has been involved in the development for eight years, said that with the existing legislative framework, the company could not foresee the project being completed in a reasonable time, if at all.

The hotel has said it has also ceased searching for a new operator until the Bermuda Gaming Commission is able to provide a “viable path forward.”

Mr Hoetzinger said: “We joined the Hamilton Princess casino project eight years ago.”