The Copacabana Palace, a famous tourist spot in Rio de Janeiro, once had a casino that brought in $100 million per year—and this was way back in 1946. It was the last year casinos were legal, but other gambling outlets like horse raising and lotteries are still legal until this day. Brazil makes a total of $17 billion in gambling, according to The Financial Times. Casino-style gambling practices have been banned in the country for about 70 years. And if the Brazilian government approves the opening of these casinos from foreign operators, it would be considered as a significant event in the gaming history.
The lower house and senate in Brazil are considering the legalization of gambling. Michel Temer, Brazil’s new president, has even supported the idea. Brazil’s minister of tourism, Henrique Alves, has projected that gambling could give the country up to 20 billion reais, or $6.1 billion in tax revenue annually.
Brazil is currently weathering tough financial times, and it is totally understandable why they want gambling to fill its global investments. While the idea was presented for the good of many, a lot of Brazilians think that this might be a sinkhole for corruption.
Will gambling save Brazil’s economy? I think, under the right leadership, it can bring financial gain to the country. If it’s for the common good, why not?