Venezuelan President approves casino in Caracas
Maduro: “I have authorized legal betting using our cryptocurrency, Petros”
In a jovial TV presentation, Venezuelan President Nicolas Maduro gave the go-ahead for the opening of a casino in the Humboldt Hotel in Caracas. He stated: “I have authorized legal betting using our cryptocurrency, Petros. For example, in the Hotel Humboldt there will be an international casino and everyone who wants to bet will bet with Petros.”
Introduced three years ago, the Petro, or “petromoneda,” is backed by Venezuela’s vast mineral and petroleum deposits. As a member of the Organization of Petroleum Exporting Countries (OPEC), the South American nation is home to some of the world’s largest oil reserves.
In Venezuela, the operation of casinos and bookmaking is authorized by a law enacted in 1997, which states that it is the Comisión Nacional de Casinos responsible for granting operating licenses. Amongst the requirements established by the Casino License Act, the premises must be located in an area approved as a tourist zone by the authorities or in a five-star hotel that must have a minimum of 200 rooms. In addition, minimum capital investment requirements must be met.
The Hotel Humboldt is located on top of Waraira Repano Hill, also known as El Avila, in Caracas and was first opened in 1956. At the end of last year, the hotel returned to full operating capability after a period of inactivity.
