Goa Costal Resorts and Recreational Pvt Ltd, the parent company of the Casino Pride is all set to launch a casino and gaming center in Nepal. The company has partnered with Nepal-based Entertainment and Recreational Pvt Ltd. to set up a gaming facility at Hyatt Hotel under the “Casino Pride” brand.
The Department of Industry, Nepal has approved a foreign direct investment of Rs 250 million by the Goa Costal on February 25. The Nepali partner company will have a 15% stake in this joint venture.
“We have registered a company under the name of ‘Casino Pride’, which is scheduled to come into operation by one and a half month,” said one of the promoters of the company. The company will soon be applying with the tourism department for the casino operating permit under the new casino laws of Nepal.
“Casino Pride has been registered at the Department of Industry, but is yet to apply with the tourism department for the permit,” said Tulasi Gautam, the director general of the tourism department. “After evaluating the company’s application, we will issue the operating permit.”
Casino Pride is going to be the 3rd company after Silver Heritage and Casino Mahjong to operate casino under the restructured casino laws and regulations in Nepal. Earlier in February, Hong Kong-based Silver Heritage opened The Millionaire’s Club & Casino at Shangri La Hotel.
Nepal’s Casino industry is recovering from a disastrous period when all casinos were declared illegal and finally shut down due to incompliance with the stringent regulations. As per the new casino laws, the companies required to have a paid-up capital of at least Rs 250 million.
Under the new scenario, a number of foreign as well as domestic companies are approaching the authority to get license and reopen casinos. Casino Mahjong housed at Soaltee hotel is all set to resume the operations while Everest Casino housed at Hotel Everest is also gearing up to reopen its gaming facility.
The Government of Nepal has also seen a fall in number of tourists due to closure of casinos. Hence, the officials are collaborating swiftly with the gaming companies to help them establish new casinos as well as re-open the older ones.