President Jair Bolsonaro of Brazil is no fan of casino gaming. He has been an open opponent since his election last year.
The integrated resorts and online operators waiting in the wings are shaking in their boots wondering what he will do to stymie their efforts.
They may prevail now that Bolsonaro is considered legalizing casinos in his country. However, there will be regulations.
Softened stance bodes well for casinos
This announcement follows on new legislation from three years ago allowing Brazil’s 26 states to have actual casinos. It was no doubt for economic reasons. After all, there will be a cut in the unemployment rate (with 600,000 new jobs) and a new source of state revenues to the tune of $5.2 billion.
Nonetheless, it is clear that the president has softened his previous stance due to the sagging economy and favors each state enacting their own laws. The politicians in his sphere are on board including Mayor Mayor Marcelo Crivella of Rio de Janeiro.
Congress will be considering a variety of new bills on integrated resorts, mobile and online wagering, and sports betting. Crivella explains,
“We are fighting now so that the Brazilian [National] Congress will allow us to have casinos here, something that the modern world already enjoys and that we [also] want to have [here] in Rio.”
Big names are standing by
The gaming industry is waited with bated breath. Brazil has a huge tourist population and stands to gain from new companies like Caesars Entertainment Inc. (pending its possible acquisition) Hard Rock International, and Las Vegas Sands. This could be the start of something big for the sixth largest country in the world.