Reports PERU MARKET REPORT
What economic crisis?
In stark contrast to its neighbours in Latin America, Peru’s economy has experienced growth for the last 18 years. Emerging from a profound debt crisis in the 1980’s and facing rapid economic decline by the end of the decade the country has since then become one of the strongest performers in the region.
Today while Brazil experiences a deep recession and Venezuela spirals ever deeply into economic crisis Peru’s economy has continued to grow. In April the IMF stated that it expects Peru’s GDP will climb 3.5 per cent in 2017. While this is slower than the 6.1 per cent growth which the country experienced between 2002 and 2013 it is still one of the highest growth rates in the region putting it second only behind Bolivia.
Peru remains a centre of attraction for investment and crucial to Peru’s strong economic outlook has been its strong economic ties with China and high global prices for commodities helping its economy to more than double in size since 2006. In 2015 China bought US$7.4bn of goods in 2015 or 19.6 per cent of Peru’s total exports.
Meanwhile, the tourism industry in Peru continues to grow and today makes up the nation’s third largest industry after mining and fishing. Indeed tourism is growing in Peru faster than any other country in South America. According to the Foreign Trade and Tourism Ministry (MINCETUR), Peru’s inbound tourism experienced an increase above 40 per cent
P84 NEWSWIRE / INTERACTIVE /
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between 2011 and 2016 and 3.5 million foreign tourists visited Peru in 2016, outmatching the numbers of the previous year by about 7.5 per cent.
CASINOS AND SLOT MACHINES
LEGAL BACKGROUND Slot machines were first permitted in Peru in 1991 and were allowed in hotels with the money generated by the industry aimed at raising income for the tourist industry.
During the 1990’s laws were changed in order to allow slot machines in other small businesses after the Municipal Taxation Act was passed in 1993 which gave MINCETUR the right to issue regulations for slot machines and similar games. MINCETUR then approved regulations which gave the municipal governments the right to authorise and oversee companies in the industry. Under new rules slot parlours would be allowed in hotels with 3 stars and above as well as a number of other business establishments.
A special tax also went to the municipal
governments where they were located. As a result a large number of licences were granted and the number of slot parlours boomed. In order to create a more closely regulated industry amidst growing concern that gaming was spiralling out of control and unchecked the government passed Ley N° 27153 “Te Law that Regulates the Operation of Casino Games and Slot Machines” in July 1999.
Te law put much stricter rules in place when it came to the operation of slot parlours and slot machines nationwide and shifted control away from the municipal governments and back to the central government. It also established that slot parlours and casinos would not be permitted within 150 metres of a school or any other kind of educational facility, church or hospital. Casinos and slot parlours would only be permitted in the provinces of Lima and Callao in four or five star hotels and five star resorts as well as five star (rated as tenedores forks in Peru) restaurants. Meanwhile casinos and slot parlours in the rest of the county would only be permitted to operate in three and four star hotels and five star resorts (or their equivalent) as well as five star restaurants.
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