The US territory is updating its casino legislation to boost revenue
Puerto Rico has seen a recent decline in casino gaming, which has played a significant role in attracting tourism to a country that relies on it for economic stability. However, new proposed legislation may help reverse this trend.
The Puerto Rico Senate and House of Representatives have approved a bill to increase slot revenue. The Law on Gambling and Authorization of Slot Machines in Casinos would help boost revenue in the tourism and entertainment sector.
The strategic distribution plan for Bill 1119 outlines that 60% of the income for slot machine licenses will be distributed to the Puerto Rico Trust of Retirement of the Police. The Tourism and Cooperative Commission president, Matos García, and legislator, Rivera Mader, are behind the bill.
Thirty-five percent of the proposed revenue will be allocated to creating a new Fund for Municipal Reengineering, which aims to substantially impact individuals who benefit from the Nutritional Assistance Program and residents of those municipalities.
The remaining 5% will be allocated to the Puerto Rico Gaming Commission to regulate and oversee the gambling industry and ensure integrity and fairness in gaming operations.
The legislation is focused on slot machines and seeks to build a controlled and regulated gambling framework. Backers of the bill contend that Puerto Rico’s tourism offerings will be more diversified and contribute to the country’s economic development. If the regulator justifies approval of the proposal, it must then be evaluated by the national Legislature.
Bill 1119 only needs to be approved by Governor Pedro Pierluisi. Bill 0043, which defines the distribution of the revenue generated by the new legislation, has been partially approved by the House of Representatives and will now be examined by the Senate.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
