Legislation
Argentina – Lottery board to investigate Misiones casinos
By Phil - 7 February 2014
The Provincial Institute of Lotteries and Casinos of the province of Misiones (IPLYC) is currently reviewing casino contracts located in the city of Puerto Iguazú and the province amongst claims that operators have refused to comply with new taxes.
The agency is putting all casinos in the city under the review especially the Hotel Casino located in the city of Puerto Iguazú as they claim that executives have failed to act responsibly when it comes to its tax commitments. The new taxes went into effect on January 1st and also affect banks as well as other financial institutions and telephone companies. The IPLYC has also announced that it will also be investigating another as yet unnamed casino located in the north.
According to the IPLYC operators have acted against the needs of the locals and are questioning the fact that the Hotel Casino does not — so they claim — pay tax on around U.S$1m a month. Consequently, all contracts which were signed during the 1990’s are now being re-examined by members of the board and are under review. According to statements made by Eduardo Torres, President of the Provincial Institute of Lotteries and Casinos, casino operators have failed to reinvest locally.
Speaking to local press he said: “We cannot continue (to work) with companies which do not reflect the reality of the province and reinvest their investment outside Misiones without reinvesting in Misiones.”
Located in the far north east of Argentina, the province is one of the most popular tourist destinations in Argentina. Misiones could see some significant growth in the sector over the coming years as the government is looking at ways to improve tourist infrastructure in the province on the back of a local tourism boom the result of high inflation at home and restrictions on currency when travelling abroad.
In April 2012 Eduardo Torres announced that a river boat casino would soon be moored to the harbour in the city of Posadas home to the famous Iguaza falls. It is believed that the “floating casino” could well be part of a number of new casinos in the city and that a number of other casino licences could be granted in the near future specifically around Lake Urugua. Under current plans a total of five hotels, a casino and a stadium will be built near the lake which is located 30 kilometres away from the Iguaza national park.
