Hotel Leela to exit from offshore casino in Goa
Hotel Leela Ventures is negotiating with the MDLR Group to sell-off its offshore casino in Goa, a senior company official said today.business Updated: Jun 22, 2009 21:40 IST
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, told PTI here.
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.
The MDLR group, which has interests in real estate and hospitality, is also operating a land casino in Goa.
Vivek Nair, Vice Chairman and MD of the Leela was not available for comment.
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 license from the Goa government in 2006 and spent more than Rs 4.5-crore to set up the land-based infrastructure for a floating jetty, besides the Rs 5-crore casino fee every year.