Gaming revenues in Panama were on the downslide through most of last year, mainly the result of plummeting table game win, according to a new tally from the Central American nation’s Gaming Control Board.
The industry generated US$1.99 billion through the first 11 months of 2018, a decline of 3.5 percent compared with the same period in 2017, the board said. Slot machines didn’t perform too badly, down 1.5 percent to $1.78 billion; but revenue at the tables, which are restricted to casinos located in hotels, fell more than 27 percent to $119.8 million.
The combined result for the government was a 12.3 percent drop in revenues from taxes and fees. Collections through November totaled $70.3 million, compared with $80.2 million through the first 11 months of 2017.
A trade group representing operators say the industry is still struggling to recover from a 5.5 percent tax imposed on all cash withdrawals made in casinos, slot parlors, bingo halls, betting shops and racetracks.
The group blames tax increases and declining tourist numbers for the loss of as many as 7,000 gaming jobs in recent years.
