Project that would equitably redistribute income from slots approved in Puerto Rico
Wednesday 11 de October 2023 / 12:00
⏱ 2 min read
(San Juan).- The “Gaming Law” previously established an unequal distribution of income, where “Group A” received 45% of the annual profits and the remaining 55% went to the General Fund.
The representative of the Popular Democratic Party (PPD), Ángel Matos García, reported this Monday that amendments to the “Law on Gambling and Authorization of Slot Machines in Casinos” were approved so that the income generated is distributed equitably to government entities.
Matos García explained that the approval of this project would allow the University of Puerto Rico (UPR) to receive greater resources. The “Gaming Law” previously established an unequal distribution of income, where “Group A” received 45% of the annual net income and the remaining 55% went to the General Fund.
The proposed modification seeks to ensure that “Group B” receives its fair share of these revenues, which includes funds for the UPR and other entities.
“This new law will allow a more equitable distribution of income, benefiting both casino operators and government entities that are part of Group B, especially our main educational center, the UPR,” explained the popular leader.
Likewise, the official indicated that the new formula will allow a more effective and uniform projection for both sectors, without being at the expense of fluctuations in disbursements.
“Group A” is made up of all concessionaires that have slot machines in their gaming rooms. Meanwhile, “Group B” is made up of a Special Fund, the General Fund, the Fund for the Development of the Tourism Industry and the General Fund of the University of Puerto Rico.
“Law 116 of 2023 represents a significant step towards a fairer distribution of income generated by slot machines in Puerto Rico's casinos, contributing to economic recovery and supporting local merchants,” he concluded by saying.
Categoría:Legislation
Tags: Sin tags
País: Puerto Rico
Región: Central America and Caribbean
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