Restricted Casinos in Venezuela
The Ministry of Tourism of Venezuela issued a decree at the end of March instructing the National Commission on Gambling to refrain for three years from issuing or renewing licenses to open and manage casinos, bingo halls and slot machines.
In addition, a regulatory ban on the opening and operation of gambling facilities in shopping centers, places under enhanced protection, in the territory of national parks and monuments and other places specified in a special law. Show more
According to official regulations issued in March, casinos and bingo halls should be located far from educational institutions, temples, clinics and hospitals. The newest restrictions also prohibit the placement of gambling establishments near residential areas and sports complexes. The permitted distance is not less than 200 meters.
For commercial organizations that have licenses and permits for gambling activities, the Ministry’s instruction prohibits the transfer of ownership of shares to others.
In its original wording, the Law on the Control of Casinos, Bingo Halls and Gaming Devices stipulated that licenses for gambling activities would be in effect for ten years, with the possibility of a subsequent extension for a similar period. In accordance with the currently introduced norm, provision or renewal of gambling licenses is carried out on the grounds that the applicant provides at least eight binding documents, in particular, a certified certificate of the size of the joint-stock ownership and the balance of the company compiled by the auditors.
Representatives of the gambling business of Venezuela say with alarm that such regulatory tightening, leading to a reduction in the number of casinos and bingo halls, will have a significant impact on reducing the flow of tourists, and hence the income of the local population, which is already happening in several provinces of the country.
In addition, the professional observers note, not -renewal of licenses to those gambling establishments, where all the requirements of the law are met, will lead to the fact that a large number of conscientious employees of casinos and bingo halls of Venezuela in the near future may remain without work. Show less
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