Hospitality firm Hotel Leela Ventures is negotiating with the MDLR Group to sell-off its offshore casino in Goa, a senior company official said today.
“We are negotiating with the MDLR Group to sell our offshore casino in Goa,” Leela Group General Manager (Corporate Communication) Mithu Basu said. The deal, which is not yet signed, will be tabled for approval at the company’s board meet on June 27 in Mumbai, Basu said.
Leela intends to sell the casino since off-shore casinos are not the company’s core competence, Basu said. Hotel Leela had acquired an offshore casino licence from the Goa government in 2006 and spent over Rs 4.5 crore to set up the land-based infrastructure for a floating jetty, besides the Rs 5-crore casino fee every year.
Leela Group halted operations of its Casino Rio recently since it was located several kilometers away from Panaji and was, hence, unable to attract customers.
Besides, large-scale opposition from local fishermen in 2007 had forced resort owners to relocate their offshore casino from the resort adjoining river Sal to river Mandovi in Panaji.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app