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11 May 2022

City Hotel Limited (A company under Golyan Group), has signed a casino lease agreement with Rank Entertainment Holdings Pvt Ltd for operating a casino at the Hyatt Place Hotel located at Soalteemode, Kathmandu, on Monday. City Hotel group operates Hyatt branded hotels in Nepal. 

Casinos in Nepal reopened in Se[member 2021 after an 18-month pandemic-induced break.

Rank Entertainment Holdings Pvt Ltd is Sri Lanka's largest entertainment conglomerate with a worldwide portfolio of over 15 casinos.

The agreement was signed by Managing Director of Golyan Group Akshay Golyan, and Chairman of Rank Holdings Entertainment Pvt Ltd, Ravi Wijeratne, in presence of Chairman of Golyan Group Pawan Golyan, Chairman of City Hotel Limited, Shakti Golyan, and CEO of Rank Entertainment Holdings Pvt Ltd, Asanga Warusavitharna.

Golyan Group said it is committed to strengthening Nepal’s economic and social base through industry excellence and with this agreement, the group continues to open new areas of bringing in foreign income and investment benefiting the economy and the tourism industry, according to the company.

Last month, the Nepal government revoked licences of three casinos, as the operators allegedly failed to pay outstanding duties and renewal fees within the deadline set by the Nepalese authorities. In February, the Nepal government collected Rs 810 million in royalties from various casinos operational in Nepal.

In the first week of February, the government had warned of action against the non-payment of royalties by the casino operators. The casino sector in Nepal is believed to be employing around 15,000 people.

Earlier in January, Mike Bolsover, the CEO of Nepal casino operator SHL Management Pvt Ltd was barred from boarding a scheduled flight out of the country due to the company failing to pay its taxes on casino operations at its two Nepal casinos  Tiger Palace Resort Bhairahawa and The Millionaire's Club & Casino in Kathmandu.

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