The gambling industry seems unable not find effective strategies to get over the red numbers, as a consequence of facing the impact of the tax imposition from the Government.
This year there is 200 million dollars less in gambling and some $2.8 million less in state revenues with regard to this activity.
Gambling operators have 12 months getting negative results in bets, which is attributed to the tax of 5.5% charged to the consumer which entered in force from June 2015, thus affecting the level of income.
Antonio Alfaro, President of the Association of Managers of Gambling Firms of Panama (Asaja), stated that industry started to be impacted 15 days after the tax of 5.5% in bingo, casinos, slot machines, and sports betting entered into force which will be used to finance some $60 million for retirees.
According to the Comptroller General of the Republic, from January to June 2016, bets in gambling, excluding the sale of chances and the national lottery tickets, fell 15.3% compared to the same period last year.
In the first half of this year, 1,107.7 million dollars were gambled, 200 million dollars less than in the same period in 2015.
But in addition to gambling, revenues have been falling since last year, when they fell in 13.8 million dollars in contrast with the previous year.
Taking into account that revenues from gambling added in 2014 about 96 million dollars, but by 2015 it was $82 million, i.e. a significant drop from 14.4% to the State coffers.
A report by the Ministry of Economy and Finance (MEF) reveals that in the seven first months of this year, gambling revenues totaled 46.1 million dollars, 5.7% less that in the same period of 2015, when a total of $48.9 million was registered.
Although revenues plummeted about $2.8 million, the JCJ is optimistic and expects that by the end of 2016 an amount similar to last year´s, $82 million, may be obtained.
However, Alfaro is of the opinion that this year only some $70 million in revenue could be obtained and about 2,100 million in bets, i.e. 369 million below the figure of last year when it totaled $2,469 million.
"Definitely, this year they will not reach the levels of last year and that last year levels are already below those of 2014", he stated.
Consequences
In addition to the drop in the figures, businessmen linked to this activity ensure that they have had to lay off some 2,500 workers because the figures are not sufficing.
Since the 5.5% started to be charged, two casinos in town have had to close their operations and due to the crisis that they are going through, they do not disregard that some new business closures in the national territory will inevitably come about.
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