After being closed for more than seven months, starting October 8, about 4,500 establishments that are identified as bars or casinos in the country will be able to reopen to the public.
The bars that reopen will only be able to serve 50% of their capacity and the distance between the backs of the chairs at each table must be at least 1.8 meters.
Income from companies dedicated to gambling amounted to $2.37 billion in 2013.
Enterprises engaged in gambling have seen increased profits in the last year, 2013, compared to the previous year, which also means an increase in revenue.
"In total, revenues were reported of $2.373 billion in 2013, which meant an annual increase of 12.1%, according to figures from the National Comptroller's Office.
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 Codere gambling 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."
The Spanish based company operates in Panama 11 casinos, 6 sports betting centers, and the President Remon Racetrack.
Codere, the second largest bookmaker in Panama is facing serious financial problems which has prevented it from repaying its debts.
Last week the company filed for bankruptcy in Spain, allowing it to operate while achieving an agreement with its creditors to meet the payment of certain loans acquired in the previous year.
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 regulate gambling 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.
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). "
The veto of the President of Panama on bill 421 was partial, without objecting to the part concerning taxation of slot machine rooms.
A statement from the Presidency of Panama reads:
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.
"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:
The new law creates a regulatory framework for casinos, game houses and slot machines and will come into force in December.
Law 766 was passed last May and published in the official gazette in July, and the Nicaraguan Tourism Institute (Intur) will be responsible for its implementation.
Regarding the contents of the new legislation Laprensa.com.ni notes, "...
The bill to regulate activities of casinos and electronic gambling venues will decide taxes based on the number of tables, machines or personnel involved.
The new text approved by the Financial Affairs Committee sets a tax of $300 per table for establishments that operate a maximum of 10 hours daily and $500 for those over 10 hours.
For machines the amount would be $40 for 10 hours of daily operation and $80 in the case of those with extended hours.
New regulations have been published in the Official Gazette, and will come into effect in December.
The new law creates a regulatory framework for casinos, gaming/slot machines halls and establishes the creation of a governing body for the sector.
"The law states that the enforcement authority is the Nicaraguan Institute of Tourism (Intur), through a department of casinos and games to be created when the legislation comes into effect and which will be governed by the Board of Intur."
The Nicaraguan congress has approved on the whole, a special law for the control and regulation of casinos and game rooms.
The bill, which will be discussed by the Assembly in detail (item by item) from Wednesday 25 May, will create a regulatory framework and establish a governing body.
The first secretary of the Parliament, a liberal opposition member Wilfredo Navarro, told Reuters, "...