Francisco Javier Vidal Caamaño, will participate in two lectures at BgC, on April 24. The first one at 12:00 and talking about tax collection with Federico Lannes, Independent Consultant of Gaming and Business. At 16:30 his partner will be Rui Magalhães, CEO, Estoril Sol Digital and the debates will address the theme of NEW TRENDS IN GAMING.
GMB - Tell us a bit about Sortis and Golden Lion, two very well-known casino brands from Panama
Francisco Javier Vidal Caamaño - Sortis is the main entertainment center in Panama, as it is the only space that brings together not only a very complete gaming offer (tables, slots, sports betting, bingo and poker), but also several other services such as a 5 star hotel, sportsbar, spa, plus a great variety of restaurants of all genres (steakhouse, Lebanese, Japanese, Spanish, Italian, fusion). Sortis also has a spectacular location in a neighborhood between the two main arteries of Panama City (59 street and Via España), and an iconic property in the context of our country.
Regarding the two Golden Lion casinos (Marbella and Dorado), they are independent casinos (they do not share the property with the hotel where they are installed) and are more focused on the Asian community of the city, without of course discriminating against the local Panamanian public and lots of tourists that visit the city for business or entertainment.
Our casinos have strategic locations within the capital of Panama, and are characterized by having a sophisticated product offer (we have the latest innovations in machines) and the highest levels of customer service. As we do not belong to any international casino group, we easily adapt our offer to the local tastes and we are much faster and more efficient in making decisions, which is why we have differential positioning within Panama City's complete casino ecosystem, without doubt, one of the most competitive markets in the region.
What is your expectation for BGC?
I understand BGC as the best meeting platform that the gaming industry in Brazil currently has, a very well organized event by Clarion, since they can bring together many of the main players in the industry (operators, suppliers, consultants, specialized press and Brazilian political class) in a very open scheme that allows the exchange of opinions and networking. My expectation is directly linked to the evolution of the sector's regulation (at what point we are and what are the forecasts for the future of the regulatory process) as well as making the initial contacts in the face of potential partnerships and business opportunities that may arise. I also really enjoy the lectures that take place during the congress, which are an excellent source for acquiring new knowledge and making contact with the latest innovations and ideas that are fashionable in the industry.
Big international corporations are very attentive to the Brazilian market. Does the same thing happen to Sortis?
Yes, we are very interested in the business formats that can be authorized, we understand that the IR model limits the face-to-face gaming sector a lot, and it only opens the door to the great chains of the USA and Asia. If you open the possibility of developing casinos in luxury hotels already existing or to be developed including a casino offer, surely we will be one of the groups that would stay ahead, paying attention to the potential opportunities that may arise. The integrated IR model concentrates too much influence on a limited number of corporations. I think it is much more interesting for Brazil that a large number of European and Latin American operators (Chile, Mexico, Peru, Colombia, others) can participate in the market, as well as Brazilian entrepreneurs with a potential interest in the sector.
How would you face the investments that these groups intend to allocate in Brazil? Does Sortis intend to establish its brand in the country?
The financing facilities will be directly linked to the regulatory environment and business expectations. When the opportunities are good, the appeals always appear, whether via bank financing, issuance of corporate bonds or other mechanisms of raising capital, in many ways.
We are not worried about the investments that other companies might make, always that the regulation is balanced, and does not particularly benefit any group, as it will be the usual story, get a good rental, make a proposal attractive to the public constantly innovate to be competitive.
As for the use of the Sortis brand, as we would adapt to the local reality, not always the mark of one is welcomed everywhere, and we are very pragmatic when it comes to doing business.
What steps have already been taken to land in Brazil? Does Sortis already have a study about the trends of the Brazilian market and where could it invest?
I do not want to advance much, but we have a clear idea of the cities that interest us most, depending on the type of regulation, there could be very good opportunities besides the Rio-São Paulo-great capitals of the Northeast trio.
I think that Brazil is already mature to have a logical and well regulated gaming offer, and that our proposal would be well received in many cities of the country.
Are there any investment estimates for the opening of a casino resort of your group in Brazil?
Yes, but I do not want to advance numbers, only to say that very interesting casino projects (not including the hotel) can be developed in the range of 20/25 million dollars. With this investment can be built casinos that offer an excellent gaming offer and restaurant services that would greatly enhance the entertainment offerings in the communities where they are built.
How do you see the way the government and parliamentarians are leading a possible passage of a gaming law? Do you think that only casinos with integrated resorts should be approved, or should other gaming modalities, such as bingos, sports betting and online casinos be approved?
I understand that the Brazilian legislators have a great way forward. Brazil is a country of great dimensions, difficult to administer and control, of that there is no doubt. However, there is nowadays knowledge in order to properly regulate the gaming industry, both from a regulatory and technology standpoint, as well as from the management of the people in charge of overseeing the industry. In my opinion, Brazil could approve most of the modalities right from the beginning, it would be a matter of logistics what would be executed first and what would be later, but with a commitment from the beginning. The benefits in terms of job creation, investment promotion to boost the economy and tax collection and the many examples of this throughout the world are evident. For me it's only a matter of time, but I defend the possibility of making a regulation that covers the different formats (face-to-face, online, lotteries and jogo do bicho as well).
Tell us what are the main themes of your talk and what can the physical casinos do to encourage new generations to attend them and not just stay online?
An important part of the BGC is the series of lectures and panels that take place during the congress. In my case I will participate in two activities, a panel on the impact of the change of rates in the sector, in concrete I will talk about what has happened in the casino industry in Panama since 2015 (after the 5.5% tax rate on cash in chips or tickects was introduced). Additionally, I will give a presentation on the changes that face-to-face casinos need to make if they want to continue to be relevant to new generations that have already been bidding (Millenials, Z's, Alpha's). I think the assistants will pick up some very interesting tips of what to do to attract young people in casinos and in the Brazilian context. It would serve as a guideline to make a better initial design of their facilities and product offer. In my opinion it is better to prepare for the future now, and not build up in a way that could you lose flexibility afterwards, the many errors of business and offer design that can be avoided. Going to LasVegas to take pictures of casinos and then make a copy-paste in Brazil I think it would not work.
Source: Exclusive GMB
