Posted on: October 10, 2023, 07:08h.
Last updated on: October 10, 2023, 07:08h.
Puerto Rico Relies on Tourism for Economic Stability, Casino Industry Declining
Puerto Rico’s House of Representatives and the Senate Approve Bill to Boost Slot Revenue
Bill 1119 to Revamp Gaming License Fee Revenue Distribution
Bill 1119 outlines a strategic plan to allocate slot machine revenue, with 60% going to Puerto Rico’s Trust of Retirement of the Police. Legislators believe this will have a positive impact on tourism revenue and the entertainment sector.
35% of slot machine revenue will be used to create a Fund for Municipal Reengineering, benefiting individuals on the Nutritional Assistance Program and residents in municipalities.
The remaining 5% will go to the Puerto Rico Gaming Commission, ensuring effective regulation and oversight of the gambling industry.
Legislation Aims to Regulate Slot Machines and Diversify Tourism Offerings
The slot machine circulation limit in Puerto Rico remains at 45,000, but a study will be conducted if it reaches 35,000 machines to justify the need for additional machines.
If justified, the proposal must undergo evaluation by the national Legislature, reflecting responsible governance and continuous assessment of the impact of gaming activities.
Bill 0043 to Redefine Revenue Allocation
Bill 0043 proposes a new distribution model for the revenue generated by the gaming sector.
According to the suggested modification, the University of Puerto Rico (UPR) will receive a different allocation of funds.
Revenue ranging from $315 million to $495 million will be divided between Group A and Group B, with the UPR’s School of Restaurant and Hospitality receiving the largest share.
If the total collection exceeds $495 million, Group A will receive 80% of the surplus funds, with the remaining amount going to Group B and a share of 45.45% for the university.
Bill 1119 only requires approval from Puerto Rico’s governor, Pedro Pierluisi, while Bill 0043 awaits further examination by the Senate.