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Failure To Pay Royalties Leads To Closure Of Two Casinos In Nepal

The operating licenses of two casinos in Nepal have been revoked owing to the failure in royalty payments. The country’s Ministry of Culture, Tourism, and Civil Aviation ordered the closure of the two casinos after they failed to pay their dues despite several requests sent by the ministry on the matter. 

As per news reports, the two casinos, Yak & Yeti Hotel in Kathmandu and Dreamland Hotel in Nepalgunj, have been ordered to shut down after ignoring the government’s request to pay royalties. The Yak & Yeti Hotel also had its five-star classification revoked after the ministry wrote to the office of the Prime Minister, the Council of Ministers, and the Ministry of Home Affairs to help implement the decision.

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Prem Bahadur Ale, Minister for Culture, Tourism, and Civil Aviation, said, “In the records … the company is yet to pay arrears up to fiscal year 2020/21, renewal fees for the FY 2021/22 and royalty fees worth Rs 420 million (US$3.5 million). The casino operating license and hotel level classification certificate have been revoked as per the law.” The Dreamland Hotel also had its license revoked due to its inability to pay royalties worth up to ₹3.8 million ($31,500) after multiple written requests.

During that time, the government had agreed to waive royalty fees only for those casinos that had been paying their annual fees regularly up till the start of the pandemic. The waiver ended for the fiscal year that concluded on 30th June 2021. However, it has been reported that only eight or nine such casinos qualified for such a waiver.

For more news and reports on casinos in Nepal, keep reading Gutshot Magazine. Follow us on our social media handles Facebook, Instagram, Twitter, and Telegram.

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