The Tribune

By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

SEBAS Bastian will step down as chief executive of Island Luck at the end of the month, closing a 17-year chapter as he shifts fully into frontline politics.

In a statement, Mr Bastian said he will demit office on March 31, following his ratification in October 2025 as a Progressive Liberal Party candidate for the next general election.

His departure formalises a move he had already signalled as he pursued the Fort Charlotte nomination, saying he intended to leave the role regardless of politics.

There has long been speculation about how Mr Bastian’s gaming interests could affect his political future, particularly his prospects for a Cabinet post. Under Section 25 of the Gaming Act, Cabinet ministers, their spouses and immediate relatives are prohibited from holding gaming licences or any financial interest in a licensed operation, meaning any continued ownership or financial ties could present a barrier to him.

Mr Bastian said his decision to enter public life was driven by a desire to bring business principles into government.

“I believe that if we bring some of the key principles of successful entrepreneurship to government, and we embrace modern, innovative solutions, we can create new opportunities and really change how things work here,” he said in a statement. “A lot of young Bahamians ask for my advice, so I know we have a new generation ready to succeed, and in the Prime Minister, I see a leader who doesn’t settle for the status quo and embraces new ideas. Sitting on the sidelines isn’t my style; I want to contribute.”

He said the demands of public service require his full attention.

The press statement said Island Luck has grown alongside the country’s transition from an informal gaming environment to a regulated industry with oversight, safeguards and taxation. The company now employs more than 1,000 people.

It was also among the operators that backed the sector’s formalisation, supporting a structured regulatory framework.

According to the release, the company launched an investment initiative through the Titan Fund in 2019 that allowed about 1,200 people to buy into the business. The fund has since returned about 100 percent on invested capital, effectively doubling initial investments.

Mr Bastian said expanding ownership opportunities remains a priority and indicated the company is considering widening access further.

Island Luck’s board has begun the search for a new chief executive and will oversee the transition to ensure continuity.

Island Luck marks its 17th anniversary on May 4.

“Seventeen years represents an important chapter in my life and in the life of the company,” Mr Bastian said. “I remain grateful to everyone who played a role along the way.”