The government has been discussing new laws that would encourage foreign investment in the casino industry.
Mexico.- The Mexican government has been debating new legislation with the aim of making the casino industry more appealing to foreign investors.
According to Miguel Angel Ochoa, President of the Mexican Gaming Association (AIEJA), interested parties may invest more than US$120 million if the government decides to approve the proposed gambling law.
“The casino industry is a controversial issue in the country as the reality does not match the image that has been created through certain films that link gaming with money laundering, addiction, drug trafficking and prostitution,” said Ochoa in a statement. “But casinos are a source of job creation and a tourist attraction.”
Currently, Mexico has tight tax regulations that make it difficult for casino operators to make a profit. Sixteen gaming facilities have been opened this year, bringing the total number up to 335.
If the proposed legislation is approved, two new bodies will be formed to monitor the gaming industry in Mexico. The Advisory Council and the National Institute of Gaming will be responsible for ensuring that the casino industry complies with the country’s gambling legislation.
The Gaming Law will be discussed in September during the legislative period. Key government officials are pushing for a positive decision on the gaming law as it would give the Mexican government more control over the casino industry. Furthermore, Miguel Ángel Osorio Chong, head of the Interior Ministry, has called on senators from the Ecological Green Party (PVEM) and the ruling Institutional Revolutionary Party (PRI) to approve the gaming law as soon as possible.