The Puerto Rico Tourism and Cooperative Commission has approved a project that will redistribute revenue from slot machines in casinos, with the goal of equal percentages of benefits to boost profits in an industry severely affected by the global pandemic.
According to the El Vocero newspaper, the effort would amend section 5 of Law 221 of 1949, also known as Games of Chance and Slot Machines Authorization Law that regulates all casinos on the island.
The gaming law includes two different groups, Group A and Group B. Concessionaires are part of Group A and receive 34 percent of the first $315 million of annual net income. Group B, which includes government funds, receives 66 percent, Under the new plan, if annual net income exceeds $315 million figure and reaches $495 million, Group A receives 60 percent and Group B 40 percent. If this regulation comes into force, the operators and the government would receive the same percentage, regardless of the amount registered as annual net income.
“Undoubtedly, this new model equals a 50 percent for Group A and the remaining 50 for Group B,” the government said in a project presentation, according to SBC Americas. “It will give both sectors the opportunity to perceive benefits more effectively and uniformly, without being subject to a net income figure.”
