The Bahamas Islands have long been a popular vacation destination in the Caribbean. With their white sandy beaches, turquoise waters and tropical breezes there is no wondering why people have come here to simply lay back and take it easy. Considering the lack of entertainment on many of the islands, Isle of Capri Casinos thought it would be profitable several years back to open a casino on Grand Bahama Island in Freeport. Well, that idea has been reexamined since last year, when the casino operator informed the Bahama's government of its intentions to close shop in June of this year.

With June fast approaching, the government has made it apparent they do not want Isle of Capri to leave. According to reports by the Bahamas Journal, the government has been scrambling to give the established casino operator incentive to stick around and keep the doors of Grand Bahama's only casino open to the stream of tourists who vacation there. Isle of Capri's casino, which is located in the heart of Port Lucaya at the Sheraton and Westin Resort complex, would certainly be a hard hit to the economy and take away one of the few things to do in Port Lucaya besides lying on the beach.

Isle of Capri, however, has already taken a hard hit for themselves. Since first opening the casino, the company has been operating at a loss. Exacerbated by two hurricanes in 2004, and one in 2005, Isle of Capri has been struggling to even stay afloat in Freeport, Bahamas. The steep taxation rates, which are imposed by the 1969 Lotteries and Gaming Act, not to mention expensive leasing terms, certainly do not give Isle of Capri enough incentive and hope to think they could possibly begin to pull themselves out of further loss.

With an annual casino gaming tax of $200,000, a 10-25% tax on all winnings and $2 million annual lease that increased to $2.5 million in 2007 (not to mention $125,000 per year in maintenance fees and nearly $1 million in annual hotel room buys) there should be no surprise why Isle of Capri is needing a break. The government has apparently taken this into account, because it appears that Isle of Capri is rethinking their options to stay on Grand Bahamas Island.

More Bahamas Gambling News:

-Bahamas Casino Undergoes Serious Makeover
-Bahamas Casino Facing Difficult Times