At not quite three months to the fifth edition of SAGSE Gaming & Amusement Panama, on 21 and 22 May at the ATLAPA Convention Centre, organiser Monografie SA has presented an outline of gaming activity in the Central American country called ‘the heart and driving force of Central America and the Caribbean.’

In 2008 over US$1.1 billion was bet in Panama’s 16 casinos, 28 slots operations, 10 bookmakers, 6 bingo halls and the racetrack. Figures recently published by the Ministry of Economy and Finance (MEF) show that US$818 million was bet at the casinos, racetrack and slots operations, and that 72.6% of the US$300 million of casino revenue came from gaming machines. Without a doubt gaming is a vibrant part of the Panamanian economy and grew 11% last year.

Spanish group Cirsa has announced it plans to invest US$250 million in the construction of a large hotel and casino complex in Panama City to open within three years. The Director of the Gaming Authority has indicated that there are various applications for the installation of new slots operations and one new casino.

Panama also has one of the best regulated Internet gaming markets and has attracted many online companies and supporting industries. It is the only country in Latin America with laws for online gambling and in 2001 adopted a law specifically for electronic commerce. Internet business is free of tax and money can be legally transferred in and out of the country. Being close to the United States and with lower manpower costs, Panama is an ideal centre and has one of the world’s best communications systems.

The Cabinet has given approval in principle for the Thunderbird Resorts’ casino project in Hotel La Hacienda, with the objective of promoting tourism in Veraguas. The company is to invest US$1.3 million in the administration and operation of the new casino and create around 80 jobs. Despite the global economic downturn, Panama is expected to see growth of 8% in 2009 and both Fitch and Moody’s have given positive ratings to the country. (E-02.27.09)

© Copyright 2009 CasinoCompendium



>>> return to archives
>>> return to frontpage