Brazil President Jair Bolsonaro intends to ‘veto’ proposed casino legislation

Brazil President Jair Bolsonaro intends to ‘veto’ proposed casino legislation

Brazilian President Jair Bolsonaro intends to ‘veto’ proposed casino legislation

Lawmakers in Brazil continue to debate over plans to legalize casino gambling, but President Jair Bolsonaro has already declared that he will ‘veto’ any such legislation. Casting dark clouds over lawmakers’ gaming-related efforts, President Bolsonaro said that lawmakers debating over casino gambling legalization plans are just wasting their time as he will not support any such legislation if it arrives to his desk. Thus, any gambling legislation passed by the South American country’s National Congress should be assumed dead on its arrival to the governor’s desk.

As the president has already made it very clear that he would used his special powers to prevent the controversial activity of casino gambling from getting legal status; many argued why he is permitting sports betting to move forward at all.

Declaring his stance, Bolsonaro said, “If it moves forward, I will veto the proposal. Gambling represents loss rather than winnings. If, by any chance, the regulation is approved, I have the chance to veto it. The Congress can override the veto, but what is being discussed right now will end up with me vetoing it.”

For the last several years, Brazilian lawmakers have been mulling plans to put an end o to the country’s casino gambling prohibition. Their gambling legalization efforts have gained much attention from some of the world’s leading casino operators.  The late billionaire casino operator Sheldon Adelson, the founder of Las Vegas Sands, had also made numerous trips to Brazil to scout potential integrated casino resort locations.

The economy of Brazil, like many other economies in the world, continues to reel under the impact of the global health crisis (Covid-19 pandemic). Supporters of casinos believe that gambling and entertainment operations would help the country in offsetting tax losses caused by the pandemic over the last one and half year.

Senator Angelo Coronel (PSD-Bahia) said that legalized gambling would trim down the current tax burden by introducing a new tax revenue source for the government.

Echoing Sen. Coronel’s views, Instituto do Jogo Legal President Magno José stressed that legal casino resorts would prove to be an economic lifesaver. It may be noted here that the Instituto do Jogo Legal is a public policy think tank that researches as well as encourages legislative considerations about gambling.

As per the Brazilian public policy think tank’s preliminary estimates, a mature casino industry could employ at least 200,000 people and yield more than $5 billion in annual gross gaming revenue (GGR).