Betting and Gaming Law next month
Sri Lanka Betting and Gaming Law will be enacted on August 9, and the Gambling Regulatory Body (GRA) will be established in the next few months, State Minister of Finance Dr. Ranjith Siyambalapitiya said.
“This will be a retrospective bill from April 1. We have increased the permit fee, valid for five years from Rs. 200 million to Rs. 500 million,” he told the Business Times on Monday. There will be no limit on permits issued, he added. Currently Colombo has five legal casinos, three of which are owned by Mr. Dhammika Perera and two by Mr. Ravi Wijeratne.
The annual fee for the operator has also been increased from Rs. 200 million to Rs. 500 million. The turnover tax of 10 per cent has been increased to 15 per cent
Sri Lankans patronising a casino will be charged US$50. The minister said that despite such a charge being stipulated since 2015, it was not implemented.
Dr. Siyambalapitiya said the new GRA will be established in the next few months. Already the government has received a few applications from foreign gambling operators to open casinos in Colombo, he added.
In addition, John Keells Holdings is also planning a casino at its Cinnamon Life integrated resort. “The discussions with leading international gaming operators are progressing well, where the commercial structures and arrangements are being negotiated, with a final agreement expected shortly. A substantial amount of work has been carried out, including detailed site visits, evaluation of the business case and operating model, fit-out requirements, designs and timelines,” the company said in its latest Q1 2023/24 report.
Finance Ministry officials said that the government is also considering Port City as a possible location to open a few casinos.
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