Most business owners have been affected by the liquidity crunch and demonetization that are currently having a high impact on the economy, but Goa's floating casino players claim that business is swinging.
Pride Group of Casinos and Hotels Director Shrinivas Nayak commented that the clients are using their cards and online money transfer to make payments to the casino. He went on to say that the industry has taken a hit, but it has not gone down.
The gambling industry has welcomed the decision of Indian Prime Minister Narendra Modi to scrap Rs 500 and Rs 1000 notes.
Nayak said that they favor the cleanup of black money like anyone else in the country. While they will definitely feel the consequences of the demonetization, he believes this to be just temporary suffering. He also claims that the casino operators are very happy with the demonetization.
Currently, Pride Group operates two floating casinos but currently has only one operational vessel.
Some reports claim that one of the casinos has been withdrawn as it has not been getting enough customers. However, Nayak disagrees with those claims, and explains that this is due to maintenance and not a lack of clients.
On November 8th, the Indian Government made a move to fight against corruption, black money, and fake currency notes. That day, it scrapped Rs 500 and Rs 1,000 notes. This was announced late in the evening, and soon after that, the customers started leaving the Mandovi River’s floating casinos.
The visitors were shocked by the announcement, and the casinos ran out of currency to pay out their jackpot-winning players.
Many residents are opposed to casinos since they are patronized by people who have dubious sources of wealth, at least in the public eye.