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Casino gambling approval in process
Approval of casino gambling
expected to boost Mexico's tourist industry

The April 15, 2005 issue of the Gringo Gazette is reporting that gambling casinos have moved a step closer to being approved for operation in Mexico. According to the newspaper, Mexico's lower chamber of congress has approved a new law to authorize and regulate the casino gambling industry in the country.

This new law now must be reviewed by Hacienda (Mexico's version of the Internal Revenue Service) and the Interior Ministry. The law then will require approval by both chambers of congress.

Two of the most important provisions in the law are the authorization of casino gambling and raising the special gambling tax from nine to 12 per cent of gross sales. Tax revenues will be split into three parts: 30% for the federal government, 30% to the state and 40% to the city government.

There will be a four-year waiting period before any casinos can open for business, in order to give Mexican authorities and private entrepreneurs enough time to get organized and educate themselves about gambling procedures.

A new commission will be formed and headed by the interior minister with the participation of the tourism ministry, Hacienda, the justice department plus four Mexican citizens appointed by the president.

Casino licenses will be issued for 30 years and will be monitored by authorities who will be watching for signs of organized crime involvement. Betting will be restricted to national currency, and individual best may not exceed 9,000 pesos or roughly $9,000 USD.

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