ATTORNEY-General Aiyaz Sayed-Khaiyum said the economic benefits to be derived from Fiji's first casino were substantial notwithstanding new employment opportunities for locals.
"Apart from regulations that will be put in place, the company (One Hundred Sands) will pay the following to the government - gross gaming revenue tax of 5 per cent per annum, community fund levy of 2 per cent per annum on net gaming income for the first three years of operations and of 4 per cent per annum thereafter to the 7th year of operations. The levy will be reviewed after the 7th year," the AG said.
Mr Sayed-Khaiyum said $500,000 would be paid annually to the Fijian Gaming Commission and Control Board, the regulator for the gaming industry in the country.
"This, of course, does not include the 900 jobs that will be created during the construction period, and the 700 jobs that will be created once the casino opens its doors in October 2013," he said.
The AG also pointed out that the government was in the process of drafting gaming regulations which would ensure that Fiji was kept abreast with international standards.
"To this end, government is currently drafting regulations for Fiji's gaming industry which will adhere to international best practice with a basis in the Nevada Gaming Commission's regulations ù supervisor to one of the world's best regulated gaming industries," said Mr Sayed-Khaiyum.