Panama Gambling License
Openly loved and distinctively different, Panama is one of those unique nations. The nation has an accomplishment of human engineering that makes an essential shipping course by connecting the Atlantic and Pacific oceans. Also, the nation is on the isthmus connecting South and Central of America. In the capital city, tourists find colonial buildings, the rainforest of Natural Metropolitan Park, nightclubs, and — most importantly — casinos ultimately appealing.
History of Casinos in Panama
While standard blackjack, roulette and other table games are Panama Casino License available, new versions are constantly released, or original games refreshed, to keep the line-up exciting. One such innovation, and a new release from Real Dealer, is the Real Panama Casino License Roulette series of games, with dealers Sarati, Bailey and Holly. There is no such thing as a ‘cheap’ gambling license. Because of the nature of the industry, there is a cost attached to each license which is payable upon application and renewable periodically.
The earliest account of Panamanian history dates back to about 2500 BC, featuring Paleo-Indians and the Monagrillo culture. However, Panama was part of the New Granada that gained freedom from Spain in 1819. Panama was, at the time, in union with Peru or, more accurately, Central America. It was not until 1821 that Panama declared herself independent of the Central American isthmus. In 1903, Panama declared an ultimate independence of Colombia.
Despite the full account of Panama’s pre-Columbian and Spanish history, Panamanian gambling history is not so recorded. The earliest record of gambling in Panama was in the 20th century. At the time, only the government provided casinos and gambling activities.
In 1997, Panama included gambling as a division of her tourism industry. That was when gambling activities and facilities received full and proper legalization in Panama, allowing businesspeople to invest in the country’s gambling scene. Even so, the law instructs casinos to have their operating spaces in first-rate hotels with at least 300 rooms.
The then-present Panama government passed this rule to help reinforce the country’s main revenue-generating industry: tourism. With the help of the rule, Panama currently features more than 20 first-rate hotels throughout the length and breadth of the country. As of 2017 — just 20 years after the rule was passed, more than 5,000 hotel rooms have been constructed.
Meanwhile, the Panama Tourism Authority and the Panama Chamber of Tourism works with casino operators who are members of ASAJA (the Association of Gambling Administrators) to promote casinos and gambling within and outside the country. It is perfectly safe to say Panama highly prioritise gambling and generate reasonable annual revenues from gambling activities and facilities.
Panamanian natives, residents and tourists enjoy a wide range of gambling activities and facilities in Panama. In fact, all forms of gambling are flawlessly legal, licensed and regulated in this Central American country. The nation is swarmed with facilities that offer its customers a protected and agreeable condition with cutting-edge gaming machines and table games.
Current Gambling Climate
As mentioned earlier, gambling and all of its activities and facilities are legal in Panama. The nation understands the high amount of revenue it is generating from this tourism division, so gambling is a norm in Panama. There is a total of 69 gambling facilities fully operational, offering an array of activities, gaming machines and table games
Panama offers one of the most friendly environments for gambling and tourism. Similar to most Central American countries and Caribbean territories, Panama has a warm, welcoming atmosphere — especially for tourists who like to enjoy a variety of tourism activities (such as gambling).
Casinos in Panama by Area
Most casinos in Panama are located in Panama City. There are more than 30 gambling facilities, 179+ table games, and 6,804+ gaming machines. The city is apparently the gambling jurisdiction of Panama.
The biggest casino in Panama City is Veneto Wyndham Grand Hotel & Casino, with six poker tables, 40 table games, and 600 gaming machines. The second in line is the Panama Princess Casino, with almost 500 options. In addition to Panama City, there are 10 more cities with gambling facilities. Other cities with a noticeable amount of gambling activities are Colón, David, La Chorrera, Albrook, Santiago de Veraguas, and Tocumen.
Types of Casinos in Panama
As discussed earlier, all forms of gambling activities and facilities are legal. Panama has 68 casinos and a horse racing racino — Hipódromo Presidente Remón — located in Panama City, Panama. The racino provides racing and sports wagers on Thursday, Saturday and Sunday, and slots 24/7.
Furthermore, most of the casinos in Panama are more slot parlours than casinos, despite them being a part of big hotels. Most of them just offer a massive number of slot machines without a single table game or games like blackjack, roulette, craps, baccarat, Canal 21, and Casino Hold ’em. However, other gambling activities such as pari-mutual betting, bingo, poker, sports betting, horse racing, lottery and online gambling are readily available in Panama.
Lottery in Panama has been monopolised by the government. The Loteria Nacional de Beneficiencia (LNB) is a national lottery fully operated by the government. Sports betting, meanwhile, is openly legal because getting sports betting service licensed and regulated in Panama is simple and straightforward.
Finally, online gambling is legal in Panama. Panamanians, residents and tourists can participate in local online gambling activities as well as foreign activities.
List of Casinos in Panama
Below is a list of all casinos currently operating in the regions of Panama.
Bingo 90 Casino
Caribe Hotel & Fantastic Casino Caribe
Casino Bolerama
Casino Coclé
Casino Rio Abajo
Casino Marvil
Continental Hotel & Casino Panama
Central Park Hotel and Golden Lion Casino
Crown Casino Colon 2000
Crown Casino Continental
Crown Casino Granada
Crown Casino Plaza Mirage
Crown Casino Sheraton
Fantastic Casino – 12 De Octubre
Fantastic Casino – 2000 Colon
Fantastic Casino – 5 de Mayo
Fantastic Casino – Aguadulce
Fantastic Casino – Albrook
Fantastic Casino – Alfaro
Fantastic Casino – Casa Miller
Fantastic Casino – Chitre
Fantastic Casino – Chorrera
Fantastic Casino – Chorrera Plaza Italia
Fantastic Casino – Colon Calle 13
Fantastic Casino – David Plaza Otiema
Fantastic Casino – Dorado
Fantastic Casino – El Dorado
Fantastic Casino – El Rey
Fantastic Casino – David Centro
Fantastic Casino – Gran Estacion
Fantastic Casino – La Dona
Fantastic Casino – La Cabima
Fantastic Casino – Los Andes
Fantastic Casino – Los Andes Mall
Fantastic Casino – Los Pueblos
Fantastic Casino – Obaldia
Fantastic Casino – Penonome
Fantastic Casino – Plaza Tocumen
Fantastic Casino – Santiago
Fantastic Casino – Terminal de Albrook
Fantastic Casino – Transistmica
Fantastic Casino – Tocumen
Fantastic Casino – Vista Alegre
Fiesta Casino – Hotel Washington Colon
Fiesta Casino Decameron
Four Points by Sheraton Hotel and Winland Casino
Golden Lion Marbella
Gran Hotel Nacional and Fiesta Casino
Gran Hotel Soloy & Fiesta Casino
Hilton Panama Hotel and Casino
Hipódromo Presidente Remón
Hotel Internacional & Fantastic Casino Internacional
Hotel La Hacienda and Thunderbird Casino
Hotel City House Soloy & Casino
Hotel Washington Colon & Crown Casino
Hotel El Panama Convention Center & Fiesta Casino
Los Guayacanes Hotel & Casino Chitre
Magic Casino Dorado
Majestic Casino Multicentro
Ocean Sun Casino
Ocean Club Casino at Trump International Hotel & Tower Panama
Royal Casino at the Marriott
Veneto Wyndham Grand Hotel and Casino
Panama Princess Casino
Radisson Colon 2,000 Hotel & Casino
Royal Decameron Resort & Casino
Sheraton Grand Panama Casino
Sortis Hotel Spa & Casino
Princess Casino
Facts About Casinos in Panama
– The legal gambling age in Panama is 18 years, similar to other countries.
– The casino must be located in a hotel with 300 or more rooms, and 24-hour guest service. These are the two requirements for any casino, according to the ASAJA.
– In 2017, revenue from gambling dropped from $6.6 million to $6.2 million when compared to 2016. These figures are contributions from January to August of both years.
– In Panama, gambling “should always be seen as a form of fun that allows people to distract themselves in a healthy way.”
– According to Newsroom Panama, Panama profited a whopping $1.6 billion from 2001 to 2011.
– The Association of Gambling Administrators is a department of the Ministry of Economy and Finance.
– Although not yet live, the Loteria Nacional de Beneficiencia partnered with Scientific Games in 2014 to launch the first online lottery provider in Panama.
– Canal 21 is a variant of blackjack while Casino Hold ’em is a variant of Texas Hold ’em. Meanwhile, most other casinos except the Crown casinos call Canal 21 the name of their casino followed by 21. For example, Fantastic Casino calls it Fantastic 21.
Related Posts:
- Panama Licenses
Panama Casino License Requirements
Many foreigners have come to Panama in order to start casinos located within the numerous hotels and resorts located across Panama.
While this can be a lucrative and profitable business if not properly funded or managed correctly the entire investment could be at risk. Like many countries concerned about shady characters or under capitalized investors starting casinos Panama has rules and regulations to prevent such errors from occurring.
Law 2 of 1998 established the Department of Games within the Ministry of Economics & Finance to control casinos and issue operating permits.
Panama’s Ministry of Economics & Finance lists the following requirements to be able to start a Casino in Panama:
1. File a Power of Attorney and request for a casino license through a Panama attorney. The application must contain:
2. Name of applicant.
3. Location of the Game Room.
4. Submit a business plan that indicates the number of arcades which the applicant intends to operate and their locations, and the amount and type of gaming tables and slot machines Type “A” which the casino will operate.
5. Names of people directly or indirectly involved in the proposed transaction and the nature of such interest (such information includes shareholders, directors, officers, legal representative of the company, in case of a legal entity).
6. Complete information on the personal, criminal, commercial and financial backgrounds and relevant aspects of each director, officer, management employees, each shareholder owning ten percent (10%) or more of the shares of the applicant’s
corporation, and any person that, in the opinion of the Director of Gaming, have a significant relationship with the proposed transaction, covering the ten (10) years prior to the date of filing of such application.
7. Submit duly authenticated documents proving the establishment and enforcement of the legal entity or certifying the identity of the natural person, if applicable.
8. Provide information on the financial structure of the legal entity, including a list of all outstanding shares.
9. Submit certificate issued by the secretary of the company stating the names of each shareholder.
10. Submit certification from the secretary of the society in which lists all loans,
mortgages, trusts, liens, and outstanding obligations.
11. Submit certification signed by the company secretary which lists the names of people whose benefits, salaries or fees correspond to the 10 highest payrolls, whether or not directors, officers or employees of the applicant’s company.
12. Indicate the procedures used or to be used to award bonuses and profit sharing.
13. Submit copies of all contracts and subcontracts relating to the proposed transaction.
Panama Gambling License Application
14. Present balance sheet income statement, duly certified by a certified public accountant, covering the three (3) fiscal years preceding the date of application.
15. Copies of tax returns for the last three (3) years or estimated income statement.
16. File investigation forms issued by the Gaming Control Board for those who occupy positions of trust including Directors, Officers, and Shareholders.
Government Fees
The Panama Gaming Control Board will set the minimum fee per month. If the casino is located in a designated area, the casino will either pay the minimum set fee amount or 10% of the monthly gross revenues, whichever is greater.
If the casino is located outside the designated area, it will pay 10% of their income.
Panama Gambling License Sticker
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