As the Panamanian National Council said, Law 295 will provide financial relief for companies and individuals:
“In our aim to help the Panamanians, Law 295 provides for the suspension of payment for public services for all citizens without a reduction in quality or restrictions.”
For the Panama government, the Relief Act could also be an opportunity to ease the tense situation in the country. As the news channel NTV reported on Wednesday, men and women are only allowed to leave the house on different days of the week due to the corona pandemic in Panama.
Gambling is important to the country
Stabilizing the gambling industry with aid could be essential for Panama’s economy. There are 28 casinos in the capital city of Panama City, which are mainly visited by tourists.
How is gambling regulated in Panama?
In addition to private casinos, horse racing and online gambling are legal in Panama. The local gaming commission, the Junta de Control de Juegos (JCJ), is responsible for control and licensing. It is affiliated with the Ministry of Economy and Finance and monitors both land-based gambling and the online gambling sector. A one-time gaming license fee in Panama is $ 40,000 plus an annual $ 20,000 fee.
As the Gaming Control Board (JCJ) recently announced, the casino economy of the 4 million-inhabitant country had more than $ 70 million in taxes and royalties in 2018.
Because of the ongoing Corona crisis, there could be a significant decline in casino revenue.