PANAJI: Just over a year after 86% of India's currency liquidity was sucked out of the country's economy, it is business as usual in Goa's off-shore and on-shore casinos. The big players have returned to the tables, the crowds continue to swell, and the floor is awash with ka-ching of the cash register.
While business may have bounced back, a lot has also changed in the 365 days since Prime Minister Narendra Modi made the sudden announcement on November 8. The management at several casinos said that along with the increased footfalls, the use of digital payments had also doubled.
But has cash been eliminated? Insiders say no.
In the aftermath of the November 8, 2016 announcement withdrawing Rs 500 and Rs 1000 currency notes, betting houses came to a screeching halt.
"The players stopped coming and there was a problem because we didn't get big money players," an official in the accounts department of a casino said.
Given the hostility to casinos and the recent scrutiny and raids conducted, none of the people TOI spoke to were willing to come on record.
But despite the setback, which lasted for as long as four months, things are back to normal, if not better.
A source said that Delta Corp, which owns the Deltin Royale and Deltin JAQK casinos, has left the demonetisation woes in its wake. Delta Corp is the parent company of Highstreet Cruises & Entertainment Pvt. Ltd.
"Delta Corp has grown by 18% immediately after demonetisation, in the April-June quarter. We have also seen phenomenal growth in the number of visitations on account of a relatively high number of holidays in the months of July and August," the source said.
Casino insiders said the management of all the five casinos operating on the Mandovi swung into action and introduced more point of sale devices and ATMs to keep the cash flowing.
"Earlier, 15-20% of the transactions were through cards, but now, nearly 50% of our revenue is through digital, which includes cards, netbanking or RTGS," a general manager of a major casino operator said.
TOI spoke to several staffers who work on casinos and all confirmed that it was business as usual and that casino floors were crowded on weekends and long weekends.
"If you see, 80-90% of the patrons are tourists, who probably visit twice a year. The remaining are regular players who may come every week," a dealer with a popular casino said.
Most of the domestic tourists hail from Maharashtra, Delhi, Karnataka, Andhra Pradesh and parts of North India.
Although online or ATM transactions are allowed, another off-shore casino director adds that electronic transaction has severe limitations. "Say a person swipes his debit or credit card for Rs 10,000 and loses Rs 2,000. If he demands back Rs 8,000, we have to pay cash. It takes seven days to reverse a debit card transaction and requires constant follow up with the banks," he says.
An indication of the growth in footfalls can be seen by the fact that Deltin Royale converted a floor dedicated to club members to accommodate the incremental visitor segment, which has been steadily growing, said a Deltin Royale staffer.
Cash or no cash, it is clear that casinos have defeated the demonetisation odds. As they say, never bet against the house, because the house always wins.
While business may have bounced back, a lot has also changed in the 365 days since Prime Minister Narendra Modi made the sudden announcement on November 8. The management at several casinos said that along with the increased footfalls, the use of digital payments had also doubled.
But has cash been eliminated? Insiders say no.
In the aftermath of the November 8, 2016 announcement withdrawing Rs 500 and Rs 1000 currency notes, betting houses came to a screeching halt.
"The players stopped coming and there was a problem because we didn't get big money players," an official in the accounts department of a casino said.
Given the hostility to casinos and the recent scrutiny and raids conducted, none of the people TOI spoke to were willing to come on record.
But despite the setback, which lasted for as long as four months, things are back to normal, if not better.
A source said that Delta Corp, which owns the Deltin Royale and Deltin JAQK casinos, has left the demonetisation woes in its wake. Delta Corp is the parent company of Highstreet Cruises & Entertainment Pvt. Ltd.
"Delta Corp has grown by 18% immediately after demonetisation, in the April-June quarter. We have also seen phenomenal growth in the number of visitations on account of a relatively high number of holidays in the months of July and August," the source said.
Casino insiders said the management of all the five casinos operating on the Mandovi swung into action and introduced more point of sale devices and ATMs to keep the cash flowing.
"Earlier, 15-20% of the transactions were through cards, but now, nearly 50% of our revenue is through digital, which includes cards, netbanking or RTGS," a general manager of a major casino operator said.
TOI spoke to several staffers who work on casinos and all confirmed that it was business as usual and that casino floors were crowded on weekends and long weekends.
"If you see, 80-90% of the patrons are tourists, who probably visit twice a year. The remaining are regular players who may come every week," a dealer with a popular casino said.
Most of the domestic tourists hail from Maharashtra, Delhi, Karnataka, Andhra Pradesh and parts of North India.
Although online or ATM transactions are allowed, another off-shore casino director adds that electronic transaction has severe limitations. "Say a person swipes his debit or credit card for Rs 10,000 and loses Rs 2,000. If he demands back Rs 8,000, we have to pay cash. It takes seven days to reverse a debit card transaction and requires constant follow up with the banks," he says.
An indication of the growth in footfalls can be seen by the fact that Deltin Royale converted a floor dedicated to club members to accommodate the incremental visitor segment, which has been steadily growing, said a Deltin Royale staffer.
Cash or no cash, it is clear that casinos have defeated the demonetisation odds. As they say, never bet against the house, because the house always wins.
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