(Panama).- The privatization of casinos and games of chance in Panama, except the National Lottery, which still belongs to the State, opened the doors to a flourishing business of 400 gaming venues, slots and betting stores which generate around us$ 500 million dollars a year.

The twelve big casinos that operate in the main hotels of the country compete for the lucrative business, with 12 bingos and 25 slots stores, located in the capitals of the provinces, shopping centers and transport stations, as well as with six betting companies dedicated to international sports and greyhound races.

Until 1997, the games of chance were under the control of the Panamerian government, with a few limited licenses to big hotels. Altough president Martín Torrijos, worried by the important increment of games of chance and bettings in Panama, suspended the franchise of new operation licenses, the Gambling Control Board (Junta de Control de Juegos) revealed that between January and July 2005, bettings reached around us$ 300 million dollars.

"We have received many requests in order to install casinos and betting centers, centros, but we have not issued any contract due to the social and sociological impact that games of chance cause", said the director of the Panamenian Gambling Control Board Raúl Cortizo.

The racetrack Presidente Remón, which is private since 1997, was the most affected by the growth of the private gambling centers, because it doesn’t appeal the youngsters. The racetrack bets, which reached us$ 29,3 million in 2000, fell to us$ 22 million in the last four years.

In the private gambling sector, the gambling tables grew together with the whole sector, because they received an amount of us$ 7 million a month in 2000 and doubled their incomes in the last five years. Besides, the slots increased its bettings from us$ 13 million a month to us$ 33 million in the same period.