Wednesday, July 25, 2012

Lack of law hits foreign investment in casino: Hotel Soaltee

Soaltee Hotel — which has been housing Casino Nepal, the oldest casino of the country — said that it has not been able to attract foreign investment to the casino due to lack of legal provisions.
Some companies with international expertise in casinos have shown interest to invest in Casino Nepal, but lack of laws has created problems, the hotel said. "The hotel has been unable to accept proposals due to lack of legal provisions."
The hotel management also said that it has been working on to resume the service of Casino Nepal in collaboration with employees’ unions and other staff. A separate Casino Joint Action Committee has been formed to work out on the issue of reopening the casino, the hotel further added.
The hotel management and Casino Joint Action Committee have asked the government to clear the way for bringing Foreign Direct Investment (FDI), it said, adding that the former operator of the casino — Nepal Recreation Centre — had brought FDI from Hong Kong and the government should adopt the same approach to bring another operator too.
The hotel has also received the Letter of Intent to operate the casino through Nepali investors, the hotel said, adding that it has already registered its application at the concerned ministry for approval to bring Nepali operators. The hotel is optimistic that the ministry will give a go-ahead to its proposal.
Meanwhile, the hotel also said that its attention has been drawn to news regarding warnings by employees of Casino Nepal to begin operations of the casino unilaterally if Hotel Soaltee fails to operate it this week.
Employees do not have any legal right and they must take the responsibility if any untoward incident takes place, it said.


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