“There are still many markets in Latin America that have not reached their maturity”

2011-09-06

Reading time 2 min

(Colombia, exclusive Yogonet.com).- Yogonet.com is performing a series of interviews to different Latin American operators with the aim to express the current situation of the industry. In this opportunity, Edgar Paz Ravines, Director of Legendary Gaming, assures that the casino situation in Venezuela, Ecuador and Mexico shows the lack of unity and protection of the trade union. The company operates venues in Colombia, Venezuela, Mexico, Peru and Panama.

Which is the current situation of the casinos in Latin America in a general level?
We are currently worried about everything that is happening in Latin America in our sector. The arbitrary closing of casinos in Venezuela and Ecuador, the reaction of the Mexican government against casinos after the terrorist attack in Monterrey... everything is making us rethink about the weak situation and the lack of protection and unity of our trade union in Latin America.

How important are casinos in the economy of a country?
The thousands of legal employments brought by our casinos and the millions of dollars paid every year in taxes allocated to health and other sectors.

Which are the main benefits offered by the countries in which your company operates for the casino industry?
I really don’t see that Latin American countries bring any important benefits for casinos compared to the ones granted to any other industry.

Which are the main problems you have to face?
Our main current problem is the image projected on casinos. This negative image leads us to have innumerable limiting factors for the opening of accounts in banks, demand loans, line credits, finances, etc. They do not consider the great investment we make in a country, the thousands of jobs we bring, or the million dollars we pay in taxes for health.

In which way do casinos impact in schedule restrictions, initiatives such as banning of ATM machines in casinos and measures such as tobacco prohibition?
In a devastating way, decreasing our incomes in a 30%, which many times is a bigger percentage than the utility of the venue.

What potential does the Latin American casino industry have?
There are still many markets in Latin America that have not reached their maturity or that have not even started.

How far is Latin America from establishing a solid online gaming and betting industry from complementing the traditional casino sector?
I think we are very close here. Each time more versatile and economic systems are being released, which adequate more to the reality of a venue and a country.

Which has been the output of the venues during 2011?
Our group has not had a good year, mainly motivated by the closure of the markets in Venezuela and Ecuador.

Which are the main expectations of your company for the following year?
Due to recent facts, we are forced to seek for new markets and grow in markets where we had presence, giving as a result a big forced expansion for our group.