Panama casino operators hit the jackpot

(Newsroompanama.com) Casino operators in Panama have hit the jackpot with gross earnings of over $1.6 billion over 10 years.

The profits go to six companies that have concessions to operate casinos, but the main players are Codere, of Spain, operating five casinos branded as Crown Casino and six Fiesta Casinos owned by Thunderbird. There are a total of 16 casinos, soon rising to 18.


Slot machine parlors are largely controlled by Gaming & Services de Panamá, owned by the Spain’s gaming company Cirsa.

But, says La Prensa while casinos have generated big revenues, the state has has received only $278 million. However, that is going to change.

Casinos now paying 12.5 percent of revenues to the state will handover 15 percent in 2012. Slot machine parlors will pay 19 percent, up from 15 percent.

The Association of Gaming Administrators says that this year, the industry will pay $44 million in fees and $13 million in taxes and employs,800 people directly and 3,000 indirectly. Tha Association claims the industry contributes over $200 million dollars a year to the national economy.
 

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Original Source: Newsroompanama.com

Date Retrieved: January 4, 2011.