Costa Rica
Costa Rica attracts more than 1.7 million tourists each year and generates $1.7bn per year from tourism. Te majority of casinos in Costa Rica have around six table games and between 50 and 100 slots. Te vast majority are located around the most well known beaches with another handful located in the capital. Tere are around 50 casinos in total across the country.
In 2008, the government passed the revised “Law on Casino Taxation” which regulates both casinos and betting call centres in Costa Rica. According to the law, new casinos are only permitted in hotels rated four stars and above.
Te industry will receive a major boost with a new casino-resort planned in Limon Province. Te $400m Casino City Caribe was first announced in April 2018. Once
completed the resort is set to feature three casino hotels, a riverboat casino and a conference centre. In addition, the casino will be built near a new international airport now under construction.
Te new project has already been approved by the local municipality and is supported by the Costa Rica Tourism Board as well as the Ministry of Environment. Te casino is set to open in 2027.
Panama
While the government remains stable, economic growth slowed in the third quarter of last year recording nearly the slowest rate of growth in nearly 10 years in the country. A decline in tourism has also had a negative effect on the gaming industry.
Between January and August 2019, approximately 1.5 million tourists arrived in Panama, generating revenues of close to $3,314 million - 1 per cent less than the amount reported in the same period of 2018. However, the economy is expected to accelerate this year by 4.4 per cent in 2020, and 4.6 per cent in 2021.
Te casino industry continues to
decline due to increased taxes as well. Te industry has seen falling revenues and thousands of layoffs over recent years due to a 5.5 per cent tax on payouts that was established in 2015. Operators say that the tax has discouraged international investment and players. As many as 7,000 people have already lost their jobs due to the increased taxes and decreasing tourist numbers.
In the first eight months of 2019, US$50.8m was raised by the gaming industry for the government, representing a 33.2 per cent decrease compared to the US$76.1 million received in the same period in 2018.
Change could finally be on the way though as the government finally looks into the rate as the industry currently owes $1.5m in back taxes to the treasury. According to the gaming control board the tax could be scrapped this year.
In the first eight months of 2019, US$50.8m was raised by the gaming industry for the government, representing a 33.2 per cent decrease compared to the US$76.1 million received in the same period in 2018. Change
could finally be on the way though as the government finally looks into the rate as the industry currently owes $ 1.5 million in back taxes to the treasury.
NEWSWIRE / INTERACTIVE / MARKET DATA P75
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 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136
