The Casinos Industry

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The casinos industry

It is impossible to talk about casinos, not to mention the risk of money laundering that suffers due to its nature, since it follows from the reports of suspicious operations, being the playing casinos, one of the activities that most reported to the unit ofFinancial Analysis (UAF) in 2018.

The money laundering is the activity that tries to insert money in the financial system that comes from illicit activities (drug trafficking, bribes and fraud), with the aim of circulating without problems. In the casinos the risk occurs mainly due to the constant flow of cash, which can reach important amounts that cover up the placement of this type of assets. Hence the importance of the UAF, which is a public service that aims to prevent and prevent the use of the financial system to commit the crimes of money laundering and terrorist financing.

Some of the most relevant facts for the industry in 2018 are the acquisition that Enjoy of 100% of the actions of the Pacific Games and the Gran Los Angeles Casino, acquired by Latin Gaming Chile S.A. (Enjoy, 2018). In addition to the award of the operation permits of the municipal casinos of Coquimbo, Viña del Mar, Pucón and Puerto Varas, achieving the largest market share.

In 2019, Sun Dreams subscribes with “Clairvest” and “Marina” a memorandum of understanding to advance the necessary procedures to merge the company’s operations with the Calama, Chillán, Talcahuano and Osorno game casinos (Clairvest andMarina) which would allow you to award the largest market share.

These facts are subject to prior approval of the National Economic Prosecutor’s Office (FNE), which is responsible for “defending and promoting free competition” (2017), avoiding the existence of monopolies that threaten it against it.

To begin to understand the functioning of the casinos industry in Chile, it is first necessary to know the environment in which it develops. For this, a Pestel analysis is presented, through which the factors that affect or condition the industry will be exposed, which will allow market variations and the potential position of companies in it.

First and in broad strokes, the political scenario in Chile develops in an environment of the parliamentary democratic Republic, currently headed by President Sebastián Piñera (2018-2021) who represents the Chilean Party Vamos with orientations of the right center. Considering the events of the year 2018 that affected the results that are analyzed today, it is possible to consider that the political scenario had remained relatively stable in the first half of that year (considering even that the Carabineros de Chile scandal had already been announced) Until November the murder of Camilo Catrillanca occurred, a case that was linked to cover -ups and false evidence that strongly hit the image of the government. Currently, political image has been improved a bit through issues such as education, immigration, humanitarian aids, among others. On the other hand, it is important to mention the surprise goes down to the monetary policy rate carried out by the Central Bank leaving it by 2%, this was due to “a greater deterioration of the external scenario by the commercial war and the lower internal dynamism that limits theinflationary pressures and makes a greater monetary stimulus necessary ”.

Secondly, it is observed that the Chilean economy has been located in the last 10 years as one of the Latin American economies more quickly in growth, allowing to reduce poverty (Santander Trade Portal, 2019), in addition we must consider that the Central Bank“It reduced the growth projection to a range between 2.25 and 2.75 percent, a strong decline compared to the projection it made in June, when the economy was expected to grow between 2.75 and 3.5 percent.”What demonstrates a possible recession in the economy and modifies the scenario for which companies had projected at the beginning and mid -year. It is also important to consider that the game casinos industry is inserted within the entertainment sector, therefore it is affected by economic cycles and variations in the income levels of people who attend this type of establishments. Therefore, the consumption of this type of service has a more volatile or sensitive behavior than other industries regarding the change in customer income.

Subsequently, the factors of the social context that are decisive for the industry are considered because they directly affect their clients, for example the change in people’s consumption behavior, also the casinos favor the gloving and even benefit from it and sometimesThe violence of struggles between clients for conflict situations around the games of chance is promoted. These are some of the social problems associated with the casinos industry, which can generate controversies when evaluating their installation. Another factor arises from the contribution generated by the casinos to the fiscal, municipal and regional coffers, contributing to the development of projects that benefit the commune and/or region where they are located, thus favoring social progress;Finally, the role played by casinos in terms of the attraction of tourists towards their dependencies is also important, allowing the tourist quality of the place to improve and increase for other organizations in the commune and region. Finally, we cannot fail to mention that “the population of older adults in Chile borders the 2.85 million which is equivalent to 16.2% of the total number of inhabitants, being the most aging population in Latin America […]” (the third, 2018) which is already important "representing up to 60% of casinos visitors in Chile".

Another environment of the utmost importance is today. On the one hand, social media platforms such as Facebook and Instagram are used in order to enhance communication with their customers and to promote services;On the other, the update of the traditional casinos that are opening to new and various services that incorporate systems with digital technology, mainly to chance machines and roulettes stands out. Due to the above, it can be said that the machines have reinvented themselves, as well as the board games, but without losing the most characteristic aspects of the same, in fact “around 50 new machines come to the market, every month, they surprisefor the variety and constantly cool the player."

Out of the traditional, the casinos industry has expanded to new online platforms, where any game of classic casinos is recreated and even improved, allowing participants to interact with people from other countries and significantly improve the experience for the sensesIt should be noted that this online casinos modality is outside the law 19.995, but as they have become popular and are growing, the most advisable would be to legislate regarding them, more than just ban them.

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