New Plans Set to Halve Tax Revenues SOUTH AMERICA
New regulations in Colombia could cut tax revenues by as much as half for the slot sector in the country according to regulator Coljuegos.
President Ivan Duque’s $325bn spending plan determines how the administration plans to develop the social and economic landscape over the new four years
COLOMBIA LEGISLATION
ECUADOR – The Constitutional Court of Ecuador (CC) has announced that a local consultation on casinos and gambling is unconstitutional. Two requests on the same subject reached the court. One came from the President of the Province of Santa Elena Competitive Corporation, Fernando Vargas. The other was put forward by the mayor of Salinas, Daniel Cisneros. The CC decided to unify both for consideration. In its opinion, the Constitutional Court stated that "authorising the operation of casinos, bookmakers and gambling halls in the Salinas canton, through a local popular consultation, goes beyond the prohibitions established in national regulations.”
BRAZIL – The Brazilian Minister for Tourism, Marcelo Álvaro António has met with Melco Resorts & Entertainment Group CEO Lawrence Ho Yau Lung and CEO Larry Ng in Macau in order to present the potential of Brazilian tourism.
The meeting took place at the Morpheus Hotel part of the City of Dreams resort in
Macau.Businessmen are interested in the resorts and intend to carry out an innovative project aligned with Brazil. Investors will participate in a technical visit to Brazil at the end of the year to scout out the most important potential destinations such as Rio de Janeiro, São Paulo as well as cities in the northeast and north. According to Larry Ng, the group is open to working together with the Ministry of Tourism in the development of strategic plans.
“I am sure the partnership will be very prosperous. The group will have the security they need to invest in our destinations. I'm sure many will come, “said Minister Alvaro Antonio.
MEXICO – Mexican casino group Big Bola Casinos has installed Zitro's ultra-slim Allure cabinet which comes with three 27ins. full HD Video Slots screens. Zitro has installed these brand-new units in casinos such as Big Bola Interlomas, Atizapán, Pedregal, Querétaro, Boca del Río, León, Santa Fe and Mochis; the most renowned Mexican operator Big Bola Casinos. Luis Beckwith, Commercial Director of Big Bola Casinos, said: “Zitro is a guarantee of success, with every new launch being welcomed by our clients with great enthusiasm as has happened with Allure. This new machine breaks into our Casinos to fill them with fun and entertainment."
Johnny Viveiros Ortiz, founder from Zitro, added: “Big Bola is a priority partner for Zitro. They recognise the value that our products bring to their Casinos. I want to thank them for choosing our Zitro products to expand its gaming offers in their Casinos in Mexico which is, without a doubt, a sure bet for the future that will be reinforced with the new products that are coming soon."
P12 NEWSWIRE / INTERACTIVE / MARKET DATA
New plans in place could cut tax revenue by as much as half for the slot sector according to regulator Coljuegos. In April the Colombian Congress approved the National Development Plan put forward by Colombia’s President Ivan Duque. In it he sets out socio-economic spending for his administration. Parts of the plan could reduce revenues as rules governing the conditions of gambling companies that operate in the country will change. With the new adjustments, the revenue generated by gambling could fall by as much as up to 50 per cent, according to estimates made by Coljuegos, in a regulatory impact analysis.
Te impact will be felt most of all in the bingo, horse racing, virtual sports, and slots sectors, all of which help finance the Colombian health system. Te regulator reported that the collection could stand between 44 per cent and 50 per cent less annually, going from $345,000m to a value that could range between $195,000m and $172,000m citing figures in a Ministry of Finance draft decree.
However, Evert Montero Cárdenas the President
Supreme Court to decide fate of Buenos Aires’ floating casino
Argentina
Te future of the two casino ships moored to the harbour in Buenos Aires has been left to the Supreme Court.
Te highest court must decide whether to accept a complaint filed by the Government of Buenos Aires against a judicial measure that allows the operating company of the floating gambling halls to continue operating the business even though their contract expired in October.
According to sources confirmed by the Buenos Aires Government, the Office of the City and Lottery of Buenos Aires has filed a complaint, after a Chamber of Appeals upheld the decision in favour of the claim put forward by the company Casino de Buenos Aires.
of the Federation for Casinos and Bingo Businesses (Fecoljuegos) said that he disagreed with the assessment put forward by the regulator as new measures will bring in a large number of new operators.
He said:"We estimate that if it falls, it would be around 20 per cent - about $70,000 million, but there are many alternative measures that could be taken so that it does not fall so much," he said. Cárdenas added that “this measure will allow a large part of the sector to be formalised' and that businesses will be able to prosper due to the end of the high tax burden.
Te change in gaming rules will do away with the presumptive income scheme rate which means that operators currently have to pay tax even if the machines do not generate sales. Te changes to the National Development Plan implies that from now on operators will pay exclusively for operating rights of 12 per cent on gross revenues as long as they meet the minimum connectivity and industry standards which Coljuegos, would have until mid-2020 to define.
Te Supreme Court has no set deadlines as to whether it will decide whether or not to accept the complaint filed by city hall. As a result the situation could last for years. Te casinos provide work for nearly 3,500 people and offer more than 1,400 slot machines and 120 gaming tables.
Te first floating casino was granted a licence under then- President Menem in 1999. Via presidential decree, Menem granted the floating casino a licence on the grounds that it was on the River Plate and not in the city limits as casinos are forbidden under law in the city.
In July 2004, the government granted Spanish gaming company CIRSA the right to operate a second boat alongside the first. Because the boats are officially in national waters and not in the territory encompassed by the Buenos Aires city limits, they have until recently fallen under the jurisdiction of the
federal government, where casinos are legal.
Once the licence ends for the floating casino it may not be renewed as set down by the Buenos Aires Constitution. In July 2017, it was revealed that the team in charge of carrying out negotiations for the transfer of control of gaming to the city were evaluating the possibility of nationalising it.
Although not in line with the wider economic policy of the administration, it would arguably be preferable to the loss of 2,000 jobs plus millions of dollars lost per year in gaming tax revenue.
In August 2018, it was revealed that city Mayor Horacio Rodríguez Larreta was looking at a number of options when it comes to the future of the floating casino in Buenos Aires. Te casino is an important source of income for the city finances as the local economy continues to shrink.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112
