Pachinko is a Japanese gaming device used for amusement and gambling.
The Senate will be holding a regular session today and will discuss the measure which has long been introduced for approval.
House Bill No. 8-7-1, HD2, SD1 will amend the present law concerning Pachinko and Internet Digits.
“Enabling additional investors to engage in such enterprises will generate additional revenue for the Republic and promote the stimulation of the private sector of Palau. The OEK further finds that amending the existing fee requirements to entice potential investors will likely create more success and facilitate the generation of revenue initially intended by the law,” the proposed measure stated.
Once the measure is approved a rules and regulations will be promulgated and the Finance Minister willbe authorized to grant an experimental exclusive up to two Virtual Pachinko Concessions to, and execute a Pachinko Concession Agreements with, any person and to organize and operate a Virtual Pachinko Business, and to grant an exclusive up to two Internet Digits Lottery Gameto Paragon Investments International Incorporated (“Paragon”) for the operation of an internet digits lottery games within the Republic.
The term of each Concession Agreement will not exceed five years.
Each Concession Agreement shall provide for a minimum annual Concession fee of eight percent of the total gross receipts gross revenue realized from the operation of each Virtual PachinkoBusiness or Internet Digits Lottery Game Business in Palau.
The annual fee will be $250,000.00 per year payable semi-annually.
