Reports EGPYT - MARKET UPDATE
Terefore, Egypt is one of a few Muslim countries where some forms of gambling is ‘accepted’. Te lure of tax revenues means a loophole was created so casinos can operate although they are limited to foreign visitors and tourists only, whilst the currency used within the casinos is mostly American dollars or Euros (not Egyptian pounds). Sports betting and the national lottery are the only forms of gambling permitted for locals.
Te Penal Code of Egypt (article 352) outlines the details of fines for anyone permitting local gamblers into a gambling area.
Te casinos are located in deluxe style international hotel chains and in major tourist destinations whilst the clientele are mainly European and American expatriates and Saudi and Kuwaiti tourists.
Te law has fluctuated throughout the years, which has at times, left the country without legalised gambling. In 1973 the overall competence for the management of the tourism sector was given to the Ministry of Tourism which has full responsibility to regulate the sector including grants and designating areas for tourism. Tis came under the decree 1/1973 of the law regarding Hotel and Tourism Entities which defines and regulates casinos in Egypt.
Other laws governing the casino sector include the Minister of Tourism decree number 181 in 1973 which covers licensing conditions and procedures for hotels and tourism establishments and the Minister of Tourism decree number 21 in 1976 in relation to imposing royalty fees on gambling casinos.
As such the Ministry of Tourism issues certain decrees to regulate the activities and operation of casinos and the law sets out some provisions which includes only permitting foreign players.
Around 95 per cent of the guests to the casinos in Cairo are from the Middle East, four per cent from North Africa and one per cent European or American. In Sharm el Sheikh guests mostly visit from Eastern European counties and in Teba the business is solely Israeli guests.
Te law also has guidelines which a hotel must adhere to when obtaining a casino licence. Licences are only granted to five-star hotels or four-star hotels in tourist areas. Tere are around 350 five-star hotels and 245 four-star hotels in the country plus another 430 two- or three-star hotels.
Tere are currently 23 casinos in the country and the majority are found in Cairo (16) and Sharm el Sheikh (5) and in Teba (2). Casinos in Alexandria and Hurghada closed some years ago.
P60 WIRE / PULSE / INSIGHT / REPORTS
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