India: Offshore casino in rough waters

According to sources, the project announced by Pan India Network Infravest Pvt Ltd (PINIPL), the promoters of Playwin lottery, was to have become operational during the later part of this year. A 70-m long Panamanian vessel, costing us$ 25 million, had been undergoing refurbishment for the purpose.

“As per the Cabinet decision taken last year, only five new licences to set up offshore casinos have been issued. And no license has been issued to PINIPL,” J.P. Singh, Chief Secretary, Goa, told Business Line. PINIPL officials declined to comment on the matter, merely indicating that an announcement would be made in a fortnight’s time.

In the absence of any statistics on the revenue-generating potential of the off shore casino industry, the State government was adopting a ‘wait and watch policy’ for a year or so before taking a decision on whether to review the matter, he added. It may be recalled that over 20 applications to set up offshore casinos had been received when Goa had announced an open-door policy for licenses.

The Boa Sorte — an offshore casino to be operated by the Goa-based Salgaoncar industrial group, due to go on stream in a couple of months — will be the last of five new floating casinos granted licences.

The Advani Pleasure Cruises Pvt Ltd-operated ‘The Carvela’, launched in early 2002, was the first offshore casino in the country, and there was a long breather before 2008 saw some action on this front.

The Hotel Leela Ventures-operated ‘Rio’ became operational in the early part of this year while Goa Coastal Resorts and Recreation Pvt Ltd’s Pride of Goa and the Victor group of Hotels’ Kings Casino commenced subsequently. Casino Royale, operated by High Street Cruises and Entertainment Pvt Ltd that opened in late October, is the latest to join the fleet anchored in the Mandovi River.