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Operators who want to start an offshore casino in Panama need to request a casino license through a Panama attorney, and fulfill a series of requirements— and pay a licensing fee to the government of Panama. If they want to operate a gaming floor, they will need a license from the government of Panama, but it is unclear if they'll have to obtain one for any other purposes, such as to sell or manage their properties.

For people who want to open a gaming floor in Panama, there are not yet any rules or regulations, and the country does not have any regulations governing gambling.

On Monday, the company behind Paradise Papers, the international consortium of media outlets and other organizations publishing a massive batch of documents relating to offshore companies that allegedly contain the tax havens for a series of wealthy individuals, also announced a new project, Panama Sports Night at the Panamanian National Arena. For $65, anyone who enters the arena can play the slot machines at Paradise and, for $75, can participate in the tournament where the winners receive VIP tickets to a charity auction.

As well, any fan with a ticket to the auction can win two season tickets for the National Arena so they can watch games with the team and compete alongside the players, the team said in a statement. The company has also released a mobile app for the National Arena that allows fans to view the games.

Panama has taken steps to regulate online gambling sites in connection with a 2013 law that was signed by President Juan Carlos Varela, who at the time was a member of the governing Panamanian Democratic Movement Party. But even though Panama has made some positive changes, the country is likely to stay on the negative list of the anti-online-gambling group International Gambling Enforcement Alliance. While the association includes more than one hundred member countries, only six of those include Panama among the countries it deems "rogue jurisdictions" — meaning that the online gambling companies have a strong incentive to keep operating there.

Despite these hurdles, gambling is an increasingly popular industry in Panama. According to the United Nations Office of Drugs and Crime, the country was the fourth most important destination for North American casino visitors in 2016, with more than $1.7 billion in casino revenues between them.

Still, the industry is facing problems, with the U.S. Department of Justice closing down five American casinos in July 2016. In fact, the last U.S. gaming company to operate a casino in Panama, Caesars Entertainment Corporation and Caesars Atlantic City, both declared bankruptcy.

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