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Bermuda Casino Gaming Commission Executive Director Announces Resignation

The Bermuda Casino Gaming Commission, a body appointed to regulate, manage and safeguard the Island’s emerging gaming industry, has announced Executive Director Richard Schuetz has resigned from his post for personal and professional reasons.

Mr. Schuetz will continue to serve in his position through the end of the year and assist in the identification and orientation of his successor.

“The Bermuda Casino Gaming Commission is thankful for Richard's two years of service, leadership and commitment to formulating a framework for Bermuda's introduction of integrated resort casinos,” said Commission Chairman Alan Dunch. “We understand and support his decision to step down and are grateful for his assistance in positioning the Commission and its staff for future growth.

“As a result of Richard’s resignation, one of our immediate priorities will be to implement a search process with a view to recruiting a new Executive Director. I am pleased that Richard will be assisting us in this process so that his expertise will be available to us in terms of assessing the credentials of any applicants and advising us as to whom is best suited to take over from him in this role. He will also usehis remaining time with us to ensure the Hamilton Princess response to the RFP for a provisional gaming license is appropriately handled without any disruption."

Mr. Schuetz said: “It’s been an enormous privilege to work with the Commission and its staff, to help create a viable casino industry, one that operates with a high level of integrity and ethics, and produces jobs and investment for Bermuda, as well as enhancing the Island’s tourism product.”

Earlier this month, prior to the July 18 election, Mr. Schuetz gave notice to Commission Chairman Mr. Dunch of his desire to resign. This information was not released to the public in an effort to avoid having it become part of the clamour surrounding the political campaigns.

Mr. Schuetz joined the Bermuda Casino Gaming Commission in September 2015. Prior to that, he served for nearly four years as a Commissioner with the California Gambling Control Commission in Sacramento.

Throughout his career, Mr. Schuetz has enjoyed a wide array of positions in the casino industry - from blackjack & dice dealer, to Executive Vice President, to President & CEO of casino resorts in numerous jurisdictions. Mr. Schuetz has worked as a senior executive in the gaming markets of Las Vegas, Atlantic City, Reno/Tahoe, Laughlin, Minnesota, Mississippi, and Louisiana. He was also a consultant to the City of Detroit and the state of Kansas, assisting those jurisdictions in introducing casinos.

Mr. Schuetz has taught Casino Management & Regulation at the Ecole hôtelière de Lausannein Switzerland, as well as at the University of Macau and Macau Polytechnic Institute in Macau, SAR China. Additionally, he was named an Honorary Professor of Casino Marketing at the Baron N. Hilton School of Hotel Administration at the University of Houston. He has lectured throughout the world on the topics of gaming, gaming regulation and casino marketing and published over 80 articles on those subject areas.

He received his degree in Business from the University of Nevada, Reno, and holds a Masters in Philosophy specializing in economic analysis from the University of Utah. Mr. Schuetz is also ABD PhD in Economics from the University of Utah.

For more information on the Bermuda Casino Gaming Commission, visit www.bcgc.bm.

-ENDS-

ABOUT BERMUDA CASINO GAMING COMMISSION:The Bermuda Casino Gaming Commission commenced operations in 2015 based on the enactment of the Casino Gaming Act 2014. The organization is responsible for regulating the casino gaming industry in Bermuda based on five key principles: Owners, vendors, managers, employees, and sources of finance should be free from any inappropriate past or present associations and behaviors, and uphold high ethical standards; operators should possess sound operational and financial controls; the games offered should be fair, honest, and operate with a high level of security and integrity; all fees, taxes, and related payments, should be appropriately accounted for and paid; and controls should be in place to protect the vulnerable.

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