With the COVID-19 pandemic behind it, the Mexican casino industry is experiencing something of a boom. Several media outlets in the country report that three new casinos will soon start operating in Mexico, taking the total number of casino permits to 40.
Currently, there are 379 land-based casinos in Mexico operating under 37 casino licenses. Mexican law allows up to 850 casinos to operate in the country.
Will Create New Jobs and Boost the Economy
According to reports, two of the three new casinos will be in Ciudad Victoria. The two casino venues are being constructed, and sources on the ground say that things are progressing pretty fast.
Ciudad Victoria is the capital of Tamaulipas, a state that has been authorized by the government to open 30 casino properties. 11 casinos are already open in the state and the two new properties will take that number to 13. It is estimated that the casino industry in Tamaulipas will create close to 3,000 new jobs and boost the local economy.
However, the new casinos that open will have to play by the book if they want to pay a fair tax rate. Authorities are trying to find ways to make Mexican casinos follow the rules, especially after some casinos in Sonora were reportedly refusing to pay taxes.
The third casino will be in Mexicali which is the capital of Baja California and is close to the US border. The Chinesca Casino will be operating from an old building in the city’s Chinese quarters, a place popular with people like Charlie Chaplin and Al Capone. The casino has all the licenses and will open its doors to players on September 2.
Things are Changing in Mexico
However, despite the boom, the Mexican casino industry is not without its problems. Most of them are about tax evasion, but some are quite bizarre. The Winpot Merida in Playa del Carmen is now having to explain itself to authorities after it was reported that hidden cameras were installed in the women’s bathroom.
Another problem is the drop in revenue. Because of the COVID-19 pandemic, casinos in Mexico paid US$102 million in tax revenue to the government in 2020. In contrast, Mexico’s gambling industry funnelled US$168.47 million to the government’s coffers in 2019.
But things are changing for the better. Research company Research and Markets expects the compound annual growth rate (CAGR) for the gambling market in Mexico to increase by 22.9% over the next four years.
To put things in perspective, reputable research company Technavio expects global casino markets to see a CAGR of only 4.85% over the next three years.
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