Nepali police raided the Hotel Soaltee’s Mahjong Casino in Kathmandu on Tuesday night arresting eight people, including the property’s CEO and managing director, for allowing locals to gamble. The executives who were arrested have been identified as CEO Om Karmacharya and MD Binod Shrestha, local media reported. The detained also included six Nepali gamblers. The […]
Nepal’s casino industry has restarted operations in Kathmandu within a week of the devastating earthquake that shook the country last month. Binod Shrestha, managing director at Casino Mahjong, Hotel Crown Plaza Soaltee confirmed that the casino and hotel had restarted operations, adding that the casino aided affected areas, the online publication Gaming Laws in India […]
Casinos in Nepal are planning to reopen almost a year after they closed after failing to meet regulations laid out by the government in 2013 that pushed up costs and made renewing licenses more difficult. Ten casinos in Kathmandu closed after failing to meet the new guidelines, according to local media My Republica. The newspaper […]
Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector. Foreign investors are now moving back into the country and the casino sector. During the Nepal Investment Summit in March a total of $13.7 billion was pledged in foreign direct investment, with the bulk from China. About $10 million was earmarked for tourism and casinos are reopening.
Nepal’s casino industry is recovering from a series of deadly earthquakes and a temporary border blockade with India last year, with international casino operators increasingly eyeing the market as a way to tap potential from neighboring India. Visitor numbers to the Himalayan nation by air jumped 12.77 percent in the first half of this year to 313,512, compared with about 277,992 visitors in the same period last year. In the first half of 2014, tourist arrivals had reached 412,461.
Nepali authorities are in the process of assessing damage to the country’s all important tourism sector after the deadly earthquake that hit the country on April 25, though casino operators say they are already back in business and expect any impact on revenues to be temporary. The casinos may even benefit from the aid and investment flooding in from India to help reconstruction efforts.