subsequently as the number of infections began to rise. Since then an increasing number have been granted permission to open in provinces such as Santa Cruz San Juan, Catamarca and Chubut and once again in La Rioja, with strict safety measures in place. Te six casinos in the province of San Juan, for example, have been granted permission to reopen with reduced staff, restricted numbers of customers and with no table games allowed.
POST-COVID OUTLOOK
When the first case of COVID-19 in Argentina was confirmed at the beginning of March, the Férnandez administration was beginning its fourth month in office and was in the middle of a sovereign debt renegotiation. Te government reached a deal on August 4 with creditors who are owed $65bn, roughly 20 per cent of the nation's $323bn total debt. Te agreement gives some short-term relief by avoiding another default. However, Argentina will need to reverse three straight years of economic contraction, including what JP Morgan forecasts will be a 13.5 per cent plunge this year amid the coronavirus lockdown, meaning that Argentina is on track for the worst one-year decline on record, along with inflation above 40 per cent and double-digit unemployment.
Te peso has fallen 75 per cent since the end of 2017. According to the Federation of Commerce and Industry of Buenos Aires, one in five businesses in the capital have shut down since the coronavirus began
In April, Argentina’s economy fell by 26.4 per cent from the year before, and in May, the economy plummeted by 20.6 per cent from the year prior. More than a third of the country's population of 44
million now live in poverty. Faced with economic uncertainty the government needs to raise revenue and create jobs. Te government will allow the Palermo Racecourse and the casino located in the port of Puerto Madero to offer online gambling, which will be launched before the end of the year. Te newly launched online sites could generate as much as $500m pesos in municipal taxes. Te Buenos Aires government is looking to compensate the casinos for the temporary closure of the gaming rooms, due to the quarantine, which has left as many as 3,000 jobless. In September, the Buenos Aires Legislature modified online gambling rules in the City of Buenos Aires, meaning that the casinos in the city will now be able to offer online gambling.
Online casinos could also be given the green light in Mendoza. Te Mendoza government is looking at ways to restrict online gambling sites, so that only those pages that have provincial authorisation can be accessed. Only seven will be allowed.
While the government does not know the exact amount of money being gambled online, unlicensed sites have used the crisis to attract gamblers while casinos were closed.
In Mendoza, the text that will be discussed in the Senate is the result of the accumulation of projects by Marcelo Rubio and Mercedes Rus, who presented initiatives in the first four months of the year. Gaming law in Mendoza allows for casinos in hotels in order to boost tourism. Te number of licences will stand between two and seven, after a public tender. Te bidders must be located in the province once the law is approved and the established licenses are in place. Unlicensed operators will be blocked through requests to the National Communications Agency (Ena. com).
NEWSWIRE / INTERACTIVE / MARKET DATA P75
The newly launched online sites could generate as much as $500 million pesos in municipal taxes. The Buenos Aires government is looking to compensate the casinos for the temporary closure of the gaming rooms, due to the quarantine, which has left as many as 3,000 jobless. In September the Buenos Aires Legislature modified online gambling rules in the City of Buenos Aires and meaning that the casinos in the city will now be able to offer online gambling.
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