Gaming taxes a reality shocker in City of Dreams
The City of Dreams will have to “adjust” to new regulations being imposed by the government set to impact on the gains made by the gaming industry.
Cinnamon Life’s City of Dreams General Manager Michael Habashi speaking with The Sunday Times Business on the sidelines of a media meet to mark World Tourism Day on Wednesday said that with the possibility of new taxes and regulations imposed by the government their establishment’s casino and gaming business will have “adjust” accordingly.
While noting that it will definitely have an impact on their sector he said that they will be compelled to adjust to the 18 per cent tax and doubling of charges on Sri Lankans patronising their casino and gaming centre.
The tax on gross collections from betting and gaming operators will rise from 15 per cent to 18 per cent. The casino entry fee for locals will double from $50 to $100 while entrance is free for foreigners. It was reportedly stated that these measures are intended to support the fiscal revenue and strengthen the regulatory framework governing the gambling industry.
In this respect the Treasury has tasked the Legal Draftsman to prepare the necessary amendments to the Betting and Gaming Levy Act No. 40 of 1988 that will then be gazetted and submitted to Parliament.
Having established some of the state-of-the art gaming equipment with the latest available compared to others in the country, the City of Dreams is yet to be impacted by the new laws.
Sri Lanka is the fourth in the list of resorts worldwide of Melco Resorts and Entertainment coming after Macau, Cyprus and Milan.
Mr. Habashi said that each place was different and so are the challenges facing each location.
The increased number of Chinese and Indian visitors was a boost to the resort that was aiming at attracting their members that patronise their other destinations.
He noted that they hope to attract more West Asian travellers to Sri Lanka in a bid to patronise their establishment.
Mr. Habashi said while travellers can stay at this location they can then travel to other parts of the country and engage in excursions and even in the purchase of gems and jewellery.
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