By JADE RUSSELL
DESPITE high inflation that has left many Bahamians scraping to make ends meet, people are still gambling, said one pioneer of the gaming industry.
Craig Flowers, FML Group of Companies owner, told The Tribune yesterday that the gaming industry is one of the last industries he believes will feel the impact of inflation.
Mr Flowers explained that gaming is a form of entertainment for many people who need an escape.
“Inflation is directed mostly towards people not being able to find the necessary funds for their basic needs. So, when we have this type of situation that exists, gaming is another form of entertainment,” he told this newspaper.
“It’s very difficult for people to compromise, the one thing that they look forward to, at the end of any week, or any hard day at work. The average person wants to go and cut back on other (things) means they will cut back on their lunch, they will cut back on other things.
“Therefore, the gaming industry is always the last to experience any mid-major impact by way of the economy,” Mr Flowers said.
The stigma against the gaming industry has resulted in some arguing the sector does more harm than good to Bahamians.
In 2019, Free National Movement Chairman Dr Duane Sands described the problem of gambling as an “emerging public health challenge,” adding the American Psychiatric Association has recently classified this issue as an official disorder.
Dr Sands previously noted the APA suggested that problem gambling shares similar hallucinogenic characteristics with substance disorders such as cocaine and heroin abuse.
Even with the arguments against the gaming industry Mr Flowers said there are people who still support and patronise it.
“So that’s where the gaming industry gets most of its support from. And that is because it is now being legalised and it has this stigma removed from it. That people find themselves certainly participating in and entertaining themselves.”
He also said: “The industry, like I said before, would be the last to recognise any major influx by way of recessions or type of restraints being imposed on our financial situation here in The Bahamas.”
When asked how his company planned to manage in view of the government’s recent announcement of the increase in the minimum wage from $210 to $260 per week, Mr Flowers said this will have little impact on his company, adding more than 99 percent of his staff make more than the new minimum wage requirement.
“I could say 99 percent of our staff is well above minimum wage in our industry,” he said.
Additionally, the government has revealed there will be upcoming increases in Bahamas Power and Light electricity bills.
Those with a current monthly bill of $182 or less would see an increase to about $20 per month or two cents per kilowatt hours of electricity used.
Those with higher bills will pay almost double that amount at 4.3 cents per kilowatt hour.
The rate increase is set to be reflected in consumers’ electricity bills beginning next month and is expected to come down over the next 12 to 18 months.
When asked about the anticipated BPL fuel charge, Mr Flowers said it will definitely affect his business, noting they will have to make adjustments to cope with the increase.
“No longer will we be able to set the thermostat to lower or higher temperatures during the night when the stores are closed.
“We may have to resort now to turning the thermostats completely off. And going into stores and starting up half an hour early.”
He added: “We can no longer leave temperature control in most of the spaces because they are large and that’s one of the ways that we’re certainly planning on introducing a means of reducing our consumption at this time and there are others.”