Five subsidiaries of Codere, which operates 11 casinos in Panama, have declared bankruptcy a month after their holding company did so.
Five subsidiaries of the Coderegambling chain have declared bankruptcy a month after the parent company announced it was facing serious financial problems which prevented it from honoring its debts. The Panamanian subsidiary continues to operate normally.
The Gaming Control Board has reported that the bookmaker maintains the liquidity and reserve levels required to operate in the country.
Officials from the Gaming Control Board (JCJ by its initials in Spanish) visited the offices of the gaming operator in Panama, after revelations that its parent company in Spain was facing serious financial problems preventing it from paying its debts.
The Spanish company that manages 19 betting centers in Panama has announced that it has no ability to pay the $40 million owed to its creditors.
A letter sent by Codere to the Spanish National Securities Commission, explained that "... it would not provide monies to its subsidiary Codere Finance Luxembourg in order to meet the coupon payment of its issuance of $988 million maturing in 2015."
An award has been made to Inversión Mundial S.A. of a 20-year concession for managing and operating a new bingo sweepstake that will be broadcast on television.
The company to which the Ministry of Economy and Finance (MEF) has awarded the concession is represented by Gabriel Elias Fernandez de Marco. The Panamanian government will receive 8% a month of the total amount collected from the four draws to be made.
With an investment of $30 million the Croc Casino Resort will be built in Jacó, which will have 17 floors, and is forecast to open in December 2014.
The complex will have 152 rooms and 44 luxury condominium residences as well as a beachfront pool, restaurants, a nightclub, a spa, the "Croc Habitat" retail shops and facilities for meetings and conventions.
An initiative has been presented to regulategambling and public events in order to prevent the concealment of illegal activities such as money laundering and drug trafficking.
The proposal submitted by the Encuentro por Guatemala back bench group "proposes to create new crimes such as the destruction or disappearance of information related to these activities and the facilitation of drug trafficking, money laundering, financing of terrorism or organized crime," noted an article in PrensaLibre.com.
Disputes have arisen over the bidding process held by the National Lottery Charities of Panama (LNB in Spanish), which will select a company for the design and management of new lottery games.
The competition, published on September 21, 2012, will grant a concession to a company to design new lottery games, plus ticket printing and the technology platform required to operate them. According to the specifications, the contractor will get a percentage of sales, which may not exceed 18%.
Casinos in Costa Rica will pay 10% on net profits, while the tax for betting call centers will vary depending on number of employees.
Regarding the tax for call centers, an article in Nacion.com notes that "When the firm has up to 50 employees, the tax will be will be 57 times a basic salary (¢20.5 million), those with 51 to 99 employees will pay 85 times a basic salary (¢30.6 million) and if there are more than 100 employees, the tax is 113 times a basic salary (¢40.6 million). "
In a note sent to the president of the National Assembly, Hector Aparicio, from the President of the Republic, Ricardo Martinelli he informed him of his decision to veto partially – for being inappropriate - Bill No. 421, 2012, which amends the Tax Code and adopts other measures.
"We are watching with amazement, how there are attempts to increase taxes on highly productive activities, while lowering rates for gambling," said Federico Humbert Arias, President of the Chamber of Commerce, Industries and Agriculture in Panama.
A statement from the Chamber of Commerce, Industries and Agriculture in Panama reads:
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