Gaming revenue drops 33 pct in Portugal

Gaming revenue from casino and bingo facilities in Portugal has dropped 33 percent over six years, reaching EUR313 million, the lowest since 2008, Portuguese newspaper Público reports.
Three of Portugal’s most emblematic casinos (Casino Estoril, Casino Lisboa and Casino da Póvoa de Varzim) are managed by Estoril-Sol, a company chaired by Stanley Ho. The Macau tycoon is chairman of the board of directors, and his daughter Pansy Ho serves as chairman of the executive committee.
The Portuguese casino business declined from EUR381 million to EUR267 million between 2008 and 2014. Casino revenue dropped 2 percent in 2014 year-on-year.
Casino companies in Portugal are required to pay an annual tax that can amount to 50 percent of their global gaming revenue. Between 2001 and 2014, the Portuguese government was able to get EUR2359 million from casino concessionaires’ tax, with most of it used to finance Portugal’s Tourist Office and tourism promotion opportunities.
The gaming sector says that illegal gambling, online gambling and the country’s financial crisis have played a role in the decline of gaming revenue.
Over the past few years, casino companies have also pointed out that taxes on gaming revenue are not adjusted to the current situation and may threaten the sector.
The vice-chairman of the board of Estoril Sol, Mário Assis Ferreira, told the Times last year that “although many people aren’t aware of it, taxation of Portuguese casinos finances 62 percent of the national tourism industry, and the national tourism industry represents 10 percent of Portugal’s GDP.” CP