Goa casinos in crisis

Controversial Indian casinos may face a major financial crisis due to new policies.

Indian governors seek prohibition of offshore casinos in Goa State.

India.- As Indian Prime Minister Narendra Modi announced this month the elimination of 1,000 and 500 rupee bills in circulation in order to fight corruption, terrorist financing and tax evasion, Goa State’s offshore casinos are losing money from bets. Members of the Aam Aadmi Party (AAP) have tried to shut down the offshore casinos since the beginning of 2016.

“As the crux of the operations is based on exchange of currency in cash, there are not many customers now. Also, there is a short of 100 notes and even if one has a 2000 note, we are facing a problem in giving change,” explained an anonymous casino employee about the country’s demonetisation.

Whilst the gaming sector is going through a major crisis, several companies are interested in opening the sixth casino of Goa, one of the few territories in India where the Congress has approved casino operations. However, the Goa’s Congress Executive Committee meeting has been urging the government to end the legal industry in the state.

With the new demonetisation framework, offshore casinos are closing its doors temporarily. “The business has been low ever since the announcement was made and has not improved till now,” added the employee. Furthermore, Casino Pride’s marketing manager confirmed the company would shut down its services for a few days due to the limited cash available.