Politicians in Nicaragua have approved plans to regulate casinos and slot machine halls in the nation. You might know the Central American nation as the home of washed up celebrities trying their hand at “surviving,” but it’s actually a real country. Not just made for television.
According to GamblingCompliance, politicians in the country warned gaming operators in the country that they’d be forced to obtain licenses “or disappear.” It came after the National Assembly had passed a law creating a new regulatory authority to oversee the country’s gambling industry.
“This law establishes a regulatory regime, a series of restrictions and a controlling authority,” Wilfredo Navarro, the first secretary of Nicaragua’s National Assembly, said during a debate, according to the country’s Nuevo Diario newspaper.
The licenses come in four different classes. “Class A” casinos have 71 or more slot machines, three gaming tables, and must meet a minimum capital requirement of $100,000. They must also employ 30 people and require a mandatory investment of £200,000. By contrast “Class D” licenses cover operators of facilities with 10-15 slots with a capital requirement of $10,000.
Casinos have been present in the country since the 1950s and the new law has been muted since they stalled back in 2002. Under the new gaming law, the new regulatory authority at Nicaragua’s Institute of Tourism (INTUR) now controls activities. Where’s the money at though?
Well the government is hoping the raise a further $2.8m in additional revenue through the new gaming law and according to press reports there may be new gaming taxes created.