A bill proposed by The Tourism Commission in the lower house of Congress, to legalize gambling, is in the works.
As casino and gambling headlines sour around the world, Mexican legislators step up to end a 70-year-old ban on Casino Gambling in Mexico. A bill proposed by The Tourism Commission in the lower house of Congress, to legalize gambling, is in the works. In September legislators will convene for another round of discussions, and hopefully will start putting the final touches on the bill.
Such a bill would help restore Mexico's Economy, which estimates that casinos could bring in $1.3 billion in revenue a year and $1 billion for the government in taxes and licensing fees. However, there are more issues involved in ensuring a successful base. Along side the bill, Mexico would have to implement a strong regulatory system that would be able to stop any foul play or money laundering in the casinos, and to ensure foreign investors of its trustworthy and reliable system.
Frank Fahrenkopf, president of the American Gaming Association says that without a firm regulatory system, no American licensee is going to take a chance of jeopardizing their license in the States to open a casino in Mexico. As it stands today Mexico and Brazil are the only Latin countries that remain without resort casinos.
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