Summary.
The bill amends Article 61 of Decree Law 2 of February 10, 1998. It proposes that the Administrators-Operators of Type "A" slot-machine rooms in full-service casinos and of the slot-machine room at the Presidente Remón Racetrack pay the Gaming Control Board 18% of the gross revenue from those machines each month. It also provides that full-service casinos pay 12% of the gross revenue from their gaming tables each month.
By adding Article 61-A to Decree Law 2 of February 10, 1998, the bill allocates 8 million balboas (B/.8,000,000.00) annually to prizes for horse races held at the Presidente Remón Racetrack. The amount comes from the share of Type "A" slot-machine revenue provided for in the preceding article. The Gaming Control Board must allocate those funds to the prizes and disburse them to the racetrack’s Administrator-Operator in two installments: 4 million balboas (B/.4,000,000.00) during the first 15 days of January and the remaining 4 million balboas (B/.4,000,000.00) during the first 15 days of July each year. The Administrator-Operator manages the funds and distributes them weekly as race prizes.
The Administrator-Operator must report weekly on the use of the funds to the horse owners’ and breeders’ associations: the Panamanian Turf Owners Association (Asociación Panameña de Propietarios del Turf), the Panama Thoroughbred Racehorse Owners Association (Asociación de Propietarios de Purasangres de Carreras de Panamá), the Horse Owners Society (Sociedad de Dueños de Caballos), and the Horse Breeders Society (Sociedad de Criadores de Caballos). Of the allocated amount, 1 million balboas (B/.1,000,000.00) is added to the share for existing stakes-race prizes. Seven million balboas (B/.7,000,000.00) is distributed among race prizes; the share designated for domestically bred horses may not be less than 50%.
The Office of the Comptroller General of the Republic (Contraloría General de la República) oversees the funds allocated to horse-racing prizes, which must be used exclusively to award prizes for races held at the Presidente Remón Racetrack. The bill further provides that the State, through the Executive Branch (Órgano Ejecutivo), allocate 800,000 balboas (B/.800,000.00) toward the costs of the Caribbean International Classic if the event is held in the Republic of Panama. Article 3 reiterates the amendment and addition to Decree Law 2 of February 10, 1998; Article 4 sets the effective date as the day after promulgation.
The bill concerns the Gaming Control Board, the Office of the Comptroller General of the Republic, and the Executive Branch, as well as full-service casinos, slot-machine operators, the horse-racing sector, horse owners and breeders, and the organization of races at the Presidente Remón Racetrack.
What it proposes.
- Payments based on gross revenue from Type "A" slot machines and gaming tables.
- Allocation and distribution of funds for horse-racing prizes.
- Reporting and oversight of the use of prize funds.
- Conditional state contribution to the Caribbean International Classic.
Who it would affect.
- Administrators-Operators of Type "A" slot-machine rooms.
- Full-service casinos.
- Administrator-Operator of the Presidente Remón Racetrack.
- Horse owners and breeders.
Key points.
- The Type "A" slot-machine operators identified in the bill would pay the Gaming Control Board 18% of their gross revenue each month.Art. 1
- Full-service casinos would pay 12% of the gross revenue from their gaming tables each month.Art. 1
- The Gaming Control Board would allocate 8 million balboas (B/.8,000,000.00) annually from its share of Type "A" slot-machine revenue to race prizes at the Presidente Remón Racetrack.Art. 2
- The amount would be disbursed to the racetrack’s Administrator-Operator during the first 15 days of January and July each year for weekly distribution as prizes.Art. 2
- The Administrator-Operator would report weekly to the horse owners’ and breeders’ associations on the use of the funds.Art. 2
- The allocation would be divided between stakes-race prizes and race prizes, with no less than 50% of the latter designated for domestically bred horses.Art. 2
- The Office of the Comptroller General of the Republic would oversee the exclusive use of the funds for prizes in races at the Presidente Remón Racetrack.Art. 2
- The Executive Branch would allocate 800,000 balboas (B/.800,000.00) toward the costs of the Caribbean International Classic if Panama hosted it; the proposed law would take effect the day after its promulgation.Arts. 2-4