tourism minister candidate, Niels Olsen, through his Instagram account. During the interview Lasso came out in support of bringing back casinos, saying that they were important in generating employment and tourism and that Ecuadorians should be free to gamble if they chose to do so. (local media reported that Lasso had made these statements while President, but they actually were made during the run up to his election). “I think it has been irresponsible to close the casinos, bankrupt businessmen and bring unemployment to many Ecuadorian families,” he said.
However, a major source of contention could be money laundering and potential corruption linked to casinos as this has been an issue in the past. If casinos are given the go-ahead, strict anti-money laundering measures will have to be put in place. Casino group Invermun, was investigated in Ecuador over allegations of money laundering and accused of bribing high ranking government officials in 2012, which led to a number of arrests.
Ecuador has made significant progress in improving its anti-money laundering regime since then. However, money laundering continues to be an issue in Ecuador and for
While the administration has remained tight lipped on the issue of casinos and a wider opening up of the market looks more likely than ever,
speculation is growing over what a newly
liberalised market could
mean. Casinos would help Ecuador attract tourists and create many well needed jobs.
years the country has been working to strengthen its anti-money laundering (AML) regulations. In May 2021, Niels Olsen Peet was confirmed as new Minister of Tourism. Peet is a tourist businessman and owner of a luxury tourist ranch called La Hacienda La Danes. Mr. Peet has already been asked if he is in favour of casinos in Ecuador, to which Peet echoed Lasso’s views on the matter. “I am in favour of Ecuadorians being free to choose,” he said. “Tis is a decision that Ecuadorians must make
through a popular consultation if President Guillermo Lasso considers it so. In my opinion, casinos should be able to operate as long as they are properly regulated and are sources of employment, as it is operated in other countries.”
While the administration has remained largely tight lipped on the issue of casinos and a wider opening up of the market looks more likely than ever, speculation is growing over what a newly liberalised market could mean. Casinos would help Ecuador attract tourists and create many well needed jobs. Calls for change have been slowly gathering momentum for years. If Lasso does decide to go ahead with the overturn of the ban it would still have a long bumpy road ahead, as it is bound to face opposition from his rivals in the National Assembly. As will other measures. Many of the austerity measures put forward by the administration are not new.
All the same, a renewed impetus for change to gambling laws is already underway as Lasso begins to initiate more free market reforms. If these are successful, and the economy begins to improve, we are bound to see the re-emergence of a market which has lain dormant for over 10 years.
NEWSWIRE / INTERACTIVE / MARKET DATA P83
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