Government records have uncovered financial irregularities among three leading casinos in Nepal – Central Media, Ratna Services, and Venue Creation – collectively failing to meet their fiscal obligations by over Rs 110 million ($1.3 million) this year.
According to a report by Republica, these establishments, mandated to pay royalties, renewal fees, and other charges, have fallen short on their dues, jeopardizing their license renewals.
Chun Bahadur Tamang, a section officer at the Department of Tourism’s hotel division, confirmed the non-payment, indicating that the licenses for these casinos haven’t been renewed due to outstanding debts.
Central Media leads with an outstanding balance of Rs 80 million ($963,666), followed by Ratna Services with over Rs 20 million, and Venue Creation exceeding Rs 10 million (120,458) in dues.
Similarly, Ratna Services and Venue Creation must settle their arrears of Rs 29 million ($349,329) and Rs 11 million ($132,504), respectively, within the next month to adhere to regulatory requirements.
According to Nepal’s Finance Bill, casino operators must pay installments totaling 40 percent by mid-January, 30 percent by mid-April, and the remaining 30 percent by mid-July annually for license renewal.
Despite these obligations, the government has collected over Rs 760 million ($9.1 million) in royalties from casino operations in the first half of the fiscal year 2023/24.
Presently, Nepal’s Department of Tourism oversees 30 registered casinos, including major establishments in five-star hotels and mini-casinos in four-star hotels.
However, some casinos have opted not to renew their licenses, leading to legal disputes and court orders allowing them to continue operations pending resolution.
Despite 30 officially registered casinos, the actual number of operational ones reaches 39, considering multiple establishments operating at single locations.
Challenges persist regarding compliance and financial transparency among casino operators in Nepal, highlighting the ongoing efforts to streamline the industry.
