Casino gambling on downturn

 
1,314Views 8Comments Posted 03/07/2016

 GAMBLING   in Panama continues on a downward trend with casinos to reducing opening hours and some high rollers moving to other countries pursue their addiction.

It is described by authorities as a normal market correction after years of growth, but has become a downward trend accentuated every month

In the first four months of the year $733.2 million  was wagered , a decrease of 15.4%. In the first quarter $133.6 million was wagered less compared to the same period last year, according to statistics from the Gaming Control Board (JCJ).

On average, betting on gambling recorded a monthly decrease of 2 digits in the last 10 months.

This negative trend started one month after the government began to collect a betting tax established to obtain funds to finance increased payments  to retirees and pensioners.

 

The figures until April show that gambling on slot machines type A which are those that allow multiple moves, closed at $636.7 million dollars, a year-low of 12.9%, while at the gaming tables, which only operate in full casinos, $35.6 million less was wagered than  $105.9 million the first quarter of 2015.

 

Businessmen linked to casinos explain that the tax applies to the service offered by the establishments of gambling, because no matter if the person wins or loses, the operator will have to retain 5% of the amount changed in the box Game Center.

The tax which began to be implemented in the second quarter, is charged when the player changes their chips or coins in the box

Hoteliers surveyed  by La Prensa say they have noticed a decline in tourist arrivals to play in casinos that operate in hotels with over 300 rooms.

Theyclaim  that now these high rollers prefer to go to Costa Rica, Mexico and the Dominican Republic.