GAMBLING IN THE CITY OF BUENOS AIRES
Te autonomous City of Buenos Aires has a much smaller population, around three million, and is better off compared to the province, but it still needs to raise income as the economy continues to decline, especially in the wake of the pandemic. Land-based gambling is limited to two large scale locations: the racetrack and the floating casinos. Te track in downtown Buenos Aires was bought by Hipódromo Argentino de Palermo S.A (HAPSA) in 1992. In 2002, HAPSA won the right to install slot machines at the track. Tere are now around 4,000 slot machines located in a vast sprawling complex which is mostly underground.
Te first floating casino was granted a licence in 1999 to operate in Puerto Madero, which is located (like the track) in one of the more
affluent parts of the city. A second ship was joined to the first in 2004 and combined Estrella de la Fortuna and Buque Princess make up the Casino Buenos Aires. Today, casino Buenos Aires houses over 120 tables and more than 1,400 slots.
For more than 15 years the federal government and the city government fought a hard long drawn out war for control over gambling within the city limits. But in 2016 the city of Buenos Aires finally gained complete control over regulation with LOTBA eventually becoming the new supervisory body. Questions over the tax rate and back taxes have all been addressed meaning that the industry is far less of a flashpoint for political dispute than it has been in the past. Consequently, both casinos exist in a far more stable regulatory environment and we are unlikely to see little change in the short
For more than 15 years the federal government and the city government fought a hard long drawn out war for control over gambling within the city limits. But in 2016 the city of Buenos Aires finally gained complete control over regulation with LOTBA eventually becoming the new supervisory body.
term. In addition the government will almost certainly find some kind of solution to keep the floating casino in business due to the tax income it generates for the city although its licence has actually expired. Te racino’s licence does not expire until 2032.
However, any expansion of the landbased industry looks highly unlikely. Te current administration closed down the only five traditional bingo halls operating in the capital in 2016 once their licences expired and city mayor Horacio Rodríguez Larreta has repeatedly said that he wants no expansion of land based gambling in the city limits.
NEWSWIRE / INTERACTIVE / MARKET DATA P99
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