Caesars to lobby for legal casino gambling in Brazil, seeking further expansion after emerging from bankruptcy.
The old cliché ‘down but not out‘ comes to mind when we talk about Caesars Entertainment these days. The global gambling and entertainment corporation has suffered financial issues for years now. Just this month, its main operating unit surfaced from bankruptcy. But that’s never stopped them from seeking out new revenue sources, and spending whatever it takes to secure them.
This week, reports indicate that Caesars is eyeing up the market in Brazil. For the record, casino gambling isn’t even legal in that country. But that could change soon if the nation’s Deputy César Halum gets his way.
Deputy Halum has long supported a legal casino gambling framework in Brazil. In August, his campaign received an influx of support when he sought signatures to establish Brazil’s Parliamentary Front for the Legalization of Gaming.
He needed 171 signatures to succeed. According to local news reports, it was a phenomenal success, gathering as many as 262 signatures from fellow members of the Chamber of Deputies in the lower house of the National Congress.
With that, Brazil is preparing to host a meeting on Wednesday for the inauguration of the Front for the Legalization of Gaming. On the list of attendees are major industry players, including the heads of Caesars Entertainment, Las Vegas Sands Corp, and Estoril Sol.
Push for Legal Casino Gambling in Brazil
The mission of the Front is to lobby for legal casino gambling and online gambling in Brazil. At present, the country only permits a few types of wagering activities. These include poker, horse race betting, and state-run lotteries. It’s been this way for nearly a century now, dating back to the 1940’s when gaming laws received their last notable update.
Brazil’s lawmakers have submitted several pieces of legislation to the Chamber of Deputies seeking to modernize the current gambling framework. While support has been palpable, progression has been nil. The Front, according to Deputy Halum, will work to harvest additional support sufficient to push them forward.
One of the key motivations for proponents of legal casino gambling and online wagering in Brazil is evidence of a substantial leak in finances. Deputy Halum and other supporters of the movement suggest that the country is losing R$18 billion in revenue each year due to illegal gambling operations.
Brazilians have a deep-rooted love for games of chance, just as many other people do all over the world. Historically speaking, they will grasp opportunities to play such games, even if it means doing so in an illegal environment. Some analysts have projected that, if regulated properly, Brazil has the potential to become the largest regulated gambling destination in the world.
Caesars Casinos Coming to Brazil?
Several major gaming corporations would love to sink their teeth into a market with such awesome potential. Two of the largest operators in Las Vegas, Caesars Entertainment—responsible for Bally’s, Harrah’s, Horseshose, and of course Caesars Casinos all over the globe—and LVS—owned by Sheldon Adelson—are first in line.
Estoril Sol, operating out of Portugal, is standing right alongside them. The company is most recognized for operating Estoril Casino. Just outside of Lisbon, they tout it as the largest casino in all of Europe.
If these companies and others are able to get a competitive foothold in Brazil, there’s every chance the country will become the home of yet another mega-gambling ‘Strip‘, akin to the US’s Las Vegas Strip, and the Cotai Strip in Macau, China. Surely the Brazilian government is aware of this potential. The question is, is that something they’re going to welcome?