In our main section of this edition, Global Gaming Insider assesses the direction of travel across key Latin American markets. Doing our very best to cut out industry buzzwords, we take a deep dive into different verticals across South America & Mexico, as well as zoning in on specific online (and land-based markets). While we do – naturally – analyze Brazil, the majority of our focus this issue remains on other promising LatAm markets, from Colombia to Uruguay...

Across Latin America, the land-based casino industry appears to be thriving, but labor disputes, regulatory changes and shifting economic conditions are increasingly overshadowing that growth. At the same time, many operators are prioritizing online gambling expansion, leaving traditional physical casinos facing renewed questions about their long-term 
role in the sector.

While some jurisdictions face operational disruptions and legal uncertainty, others are seeing new investment proposals and policy reforms that could redefine the region’s gaming landscape in the coming years. Recent developments across Argentina, Uruguay, Colombia, Chile and Brazil illustrate how the sector is adapting to both macroeconomic pressures and evolving regulatory frameworks.

Argentina: A never-ending cycle of economic adjustment

Argentina is perhaps where the economic deterioration hits the sector hardest. Casino workers in Buenos Aires Province, represented by various unions, have been staging province-wide strikes because wage negotiations remain unresolved.

At the core of the dispute, workers demanded urgent wage recomposition amid sustained purchasing power erosion driven by inflation, alongside productivity bonuses, job reclassification and improvements to health coverage. The situation illustrates how the macroeconomic context directly impacts physical casino activity: lower attendance, revenues under pressure, and staff who can no longer sustain their living standards on current wages. 

The casino where much of the tension is concentrated is Necochea, where the municipality confirmed it will appeal a court order that suspended the much-expected auction of the Casino Complex.

The dispute centers on procedural requirements for selling municipal heritage property, highlighting tensions between municipal autonomy in managing public assets and environmental and heritage protection mechanisms. Even attempts to privatize and restructure the sector face obstacles that slow any meaningful progress.

Beyond labor disputes, policymakers are also exploring broader regulatory measures related to gambling participation. In Argentina’s Congress, lawmakers recently introduced a bill that would prohibit individuals with unpaid child-support obligations from entering casinos or using online gambling platforms. The proposal reflects a growing trend of linking gambling policy with broader social and financial accountability measures.

Uruguay: Investment flows into bricks, not people

The Uruguayan case is revealing because the labor conflict struck at the worst possible moment. Similar to Argentina, state-run casinos shut down during peak season and reopened following the resolution of a labor dispute. The strike affected casino venues across the country’s highest-traffic tourism hubs: Punta del Este and Montevideo.

The origin of the conflict was a series of budget modifications introduced without collective bargaining, which the union described as concealed salary cuts. The dispute temporarily halted operations during the summer tourism season, a critical revenue period for Uruguay’s gaming venues.

Yet, in apparent contrast to those labor tensions, Punta del Este continues to attract investor interest. A Brazilian-backed investment group submitted a proposal for a third private casino in the city, integrated into a mixed-use real estate development that would combine hospitality, residential and entertainment components. 

At the same time, the Conrad Punta del Este casino resort, one of the most prominent gaming properties in South America, is undergoing a potential ownership change. The asset is being divested by the bondholders of Chilean operator Enjoy as part of the company’s 2024 judicial reorganization process. Among the potential buyers reportedly interested in the property are Italy’s Cipriani Group and Uruguayan businessman Edgardo Novick.

Colombia: A way to contribute to the health system

In Colombia, the performance of the land-based sector is measured in part by its contribution to the country’s subsidized health system, which receives a share of gambling revenue.

According to regulator Coljuegos, the land-based gambling sector increased its contributions by 9.3% in 2025. These contributions represented 39% of the total revenue collected from the gambling industry.

To strengthen oversight of the physical gaming supply chain, Coljuegos also established the Unique Registry of Importers and Traders (RIC). The system aims to track the importation and commercialization of slot machines and prevent unlicensed equipment from entering the Colombian market.

Under the mechanism, companies must register each slot machine before it enters the country, creating a traceable inventory that regulators can monitor. The registry is intended to reduce the circulation of unauthorized machines, which have historically represented a challenge for enforcement authorities in the land-based sector.

Brazil: All in on online gambling

Physical casinos have been banned in the country for decades, although parliamentary debate over legalizing them has intensified in recent years. A bill that seeks to authorize integrated resorts, bingo halls, jogo do bicho and horse-race betting has already been approved by the Senate’s Constitution and Justice Committee. However, the proposal has faced repeated delays in reaching a final vote on the Senate floor.

On the other side of the road, Brazil’s newly regulated online gambling market, launched on January 1, 2025, has rapidly positioned the country as one of the largest digital betting markets in the world. Meanwhile, Brazilian capital continues to seek opportunities in jurisdictions that permit land-based gaming.

The Brazilian-backed investment group behind the proposed third casino in Punta del Este is one example of this trend, channeling capital into neighboring markets where regulatory frameworks already allow integrated gaming and tourism developments. Until Brazil establishes a clear regulatory pathway for physical casinos, investment interest from Brazilian companies is likely to continue flowing into other Latin American markets where land-based gaming is permitted.

Chile: More labor disputes

Chile’s casino industry is also undergoing a significant period of regulatory transition.

The Superintendence of Casinos and Gaming (SCJ) recently launched a new tender for the Iquique casino following the early exit of operator Dreams. The revised licensing terms significantly reduced the municipality’s guaranteed annual payment 
by 71%. For Iquique, the change is particularly impactful. The casino has historically been one of the municipality’s largest sources of revenue and a major employer in the Tarapacá region.

Authorities say the new tender seeks to restore financial viability after earlier concession terms proved difficult for operators to sustain. The sharp reduction in financial requirements reflects a broader reassessment of the aggressive concession model that defined previous licensing cycles.

The sector is also facing labor tensions. Workers at Casino Rinconada, one of the largest gaming venues in Chile, recently voted on a strike after collective bargaining negotiations with operator Casinos de Chile stalled. The union representing approximately 90% of the venue’s workforce has accused management of refusing to address key demands related to night-shift compensation, working conditions and previously negotiated benefits.

At the same time, enforcement actions against illegal gambling operations remain active. Chilean police recently dismantled an unauthorized casino operating in Santiago, seizing slot machines and gaming equipment while arresting individuals allegedly involved in the illicit operation. The incident highlights the persistent presence of illegal land-based gambling venues in the country, even as the regulated casino sector operates under one of the region’s most structured licensing regimes.

Overall, while the next few pages of this magazine will focus exclusively on the riveting online opportunity LatAm presents, land-based gaming still has an important role to play across South America. 2026 will likely see labor tensions escalate and regulatory challenges continue – but, where there is a will, there is a way. And there remains plenty of room for brick-and-mortar growth.