News Americas, NEW YORK, NY, Tues. April 5, 2022: Latin America is comprised of Central and South America. It is a diverse region, both culturally and ecologically. It has everything from deserts and mountains to beaches and rainforests. It has international metropolises such as Rio de Janeiro and includes villages and archaeological treasures such as the ruins of Kotosh in Peru.
Latin America has struggled for decades with establishing political and economic stability. The 20th century was a chaotic time for the whole region, and it’s only now that we see a number of countries in the region achieving stability and security – two factors needed for the economy to thrive.
As the countries of Latin America stabilize, their entertainment and tourism sectors are being given more attention. These sectors of the economy are growing in popularity and have the potential to flourish.
Tourism
For countries such as Brazil and Argentina, tourism has brought a steady source of income. Other countries, like Chile, have struggled to consistently attract tourists since the 1970s. Much of this has to do with concerns around safety and the stability of the country. Being able to make foreigners feel safe while they’re visiting is the best way to encourage more tourists to come.
Of course, there are problems that arise when a country leans too heavily on tourism. It is a fickle industry and can vanish overnight. The Covid-19 pandemic has given us all a dramatic lesson in this reality. Tourism is also an industry that has the potential to damage communities, as all resources are focused outwards, rather than at providing goods and services for local populations.
For those Latin American countries for whom economic stability is relatively new, it would be best to avoid focusing too much on development for tourism and more on internal development. Once a country is flourishing, it’s almost guaranteed that the tourists will follow.
Gambling
Many countries in Latin America have a long tradition of gambling. Card games are popular but for many, dominoes are not only a hobby but an essential part of their culture. While many of the most popular casinos in Latin America are in tourist hot spots throughout Latin America, others are in Venezuela, Chile and Panama.
Currently, the laws regulating online gambling in Latin American range from a complete ban on the activity to absolutely no regulation whatsoever. Somewhere in the middle of these two extremes, there is a happy medium that will attract players and generate revenue for the state.
The success of New Zealand
The countries of Latin America might look to New Zealand as an example of how to manage and legislate online casinos – striking that fine balance of safety and regulation.
SkyCity is one of New Zealand’s biggest gaming industry success stories. This casino has been able to expand its traditional land-based casino empire into the world of online casinos to become one of the best in the world. A glance at their casino promotions gives some idea of how they are able to consistently attract new players and keep existing players coming back.[1] [2] [3]
Film and television
The success of Bong Joon-ho’s 2019 film Parasite at Cannes and the Academy Awards – where it won both the Palme d’Or and the Oscar for Best Picture – showed the world that Western audiences had finally begun to regard films from non-European or American backgrounds as equals. Auteurs had always been respected in film circles but there is now more of an appetite for world cinema in general.
Latin American directors and actors are perfectly poised to take advantage of this situation. Mexican cinema has had an American audience for several decades, especially with the films of Alfonso Cuarón and Alejandro González Iñárrito. International streaming services, particularly Netflix, have made it easier than ever for audiences to access Latin American film and television.
Music
The music industry in North America has finally begun to recognize that Latin America didn’t stop producing great artists when Bob Dylan died. The music industry has plenty of room to grow in Latin America and hopefully as economies strengthen, governments will be able to direct more funding to the arts. Strengthening the arts locally will have the effect of drawing in more international talent and attention, which should further bolster the economy.
