Wednesday, October 4, 2023

Tag: Panama

Panama’s regulator in talks over Veneto Hotel and Casino sale

A spate of casino closures provides further evidence of the negative impact of Panama’s 5.5 percent consumption tax on the gambling industry contends Asaja’s president, Antonio Alfaro. The impact of Panama's 5.5 percent consumption tax on the gambling industry continues to make itself felt, with three of the country's casinos forced to close their doors in recent weeks. On 27 April...

Panama’s casino industry still impacted by 5.5 percent consumption tax

Panama seafront
While the government is looking to further develop the country’s tourist industry, Antonio Alfaro, president of trade body Asaja contends that the 5.5 percent consumption tax on the gambling industry combined with increased operating costs means that Panama’s casinos are unlikely to reap the benefits. With a 5.4 percent rise in GDP in 2017, Panama seems to have regained its...

Asaja calls on Panama government to modify gaming tax

ICR - asaja Novo SAGSE NOVOMATIC Panamá
Figures from Panama’s Ministry of Economy and Finance have shown that the gaming industry contributed $6,223,897 from January to August this year, $451,141 less than during the same period in 2016.   “It is necessary to review 5.5 percent tax on player’s bets,” explained Antonio Alfaro, president of Panama’s Association of Gambling Administrators (Asaja). “People have chosen to reduce their visits to...

Novo Panamá to demonstrate LatAm expansion at SAGSE

ICR - asaja Novo SAGSE NOVOMATIC Panamá
NOVOMATIC subsidiary, Novo Panamá, has confirmed it will be presenting a broad line-up of gaming machines at SAGSE on May 10-11.   Novo Panamá is returning to El Panamá Convention Center on May 10-11 for the annual SAGSE Central America & Caribbean gaming show. The NOVOMATIC subsidiary has confirmed it will have a large presence on Stands #109 and #203 to demonstrate...

Dream big: Sun Dreams looks to new horizons

Casino Review Sun Dreams Patricio Herman
2016 was a landmark year for Chilean operator Sun Dreams as the firm completed its merger with Sun International in June and opened a new venue in Panama. Patricio Herman, the company’s Gaming Business Director, gives his take on what will be the challenges and opportunities for Sun Dreams in the year ahead.   International Casino Review: What were the...

Biz Tools pays $1m for Penonome casino licence

Casino Review Biz Tools pays $1m for Penonome casino licence
Biz Tools has been granted a licence to run a casino in the city of Penonome, the capital of Cocle province by Panama’s Ministry of Economy and Finance.   The company paid US$1m to the Panamanian Gaming Control Board for the licence, which is valid for 20 years. The casino will be situated in the Hotel Coclé de Vía Interamericana, located in...

Panama casino opts for International Game Technology

Casino Review Panama IGT International Game Technology
International Game Technology (IGT) announced that it has installed 148 slot machines at the recently launched Black Spade Casino at Aloft Hotel Panama in the capital, Panama City.   The company's devices now occupy 40 percent of the overall gaming machine floor at the gambling facility. This has been IGT’s largest single-site roll-out of Premium content in Central America, this December’s installation...

New betting tax bolsters Panamanian gaming tax haul

Panama Betting Tax
The gaming industry in Panama generated over $128m (E113.7m) in state revenue last year, a senior government official has claimed. Chief of the country’s Gaming Control Board Erick Rios said that the figure represents an improvement of just over a third on the 2014 - and was derived from the operation of 23 casinos and 100 gaming halls in-country. The major...

Thunderbird Resorts restructure continues apace

Fiesta Lima Thunderbird
An annual report filed by Thunderbird Resorts has shown that the South American casino operator managed to increase its profit whilst simultaneously reducing its level of debt throughout 2015. An accompanying statement from Thunderbird president and chief executive Salomon Guggenheim claimed that the company had made progress “across all fronts” last year, with year-on-year EBITDA gain of 31 per cent....

Alfastreet showcases wares at regional Latin America exhibitions

Alfastreet SAGSE
Slovenian games manufacturer Alfastreet is heading to Panama City for SAGSE 2016, on the back of a successful showing at Colombia’s FADJA tradeshow. The Panamanian market represents a huge success for Alfastreet – ranking among the countries where the Slovenian company is the undisputed number one. Indeed, Alfastreet products have been placed throughout every gaming venue in the country. Alfastreet plans...

South America Round up

Baha Mar Paraguay regulator
In March, Paraguay’s gaming regulator, Comisión Nacional del Juegos de Azar (Conajzar), recorded the highest ever amount of gaming tax revenue in a single month. According to data from the regulator, tax revenues totalled PYG12.3bn (E1.9m) in March 2016, up 38 per cent on the PYG8.4bn (E1.3m) reported in March 2015 and topping the former record monthly earnings of...