SL to set up Gambling Regularisation Authority to regulate gaming industry

The government has decided to establish a separate authority named Gambling Regularisation Authority to regulate the country’s gaming industry.

President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies on Monday sought the approval of the Cabinet of Ministers to direct the Legal Draftsman to draft a bill to establish the Gambling Regularisation Authority. 

The Government Information Department noted that the proposed entity would be made responsible for collecting tariffs, preventing crimes related to gambling, minimising the negative impact on individuals and society through gambling and so on.

Earlier, the Inland Revenue Department was responsible for collecting taxes from gambling establishments. 

Since last year, the government has stepped up efforts to formalise and regularise the country’s casino industry. Late last year, the government published new rules to issue casino licenses up to 20 years along with a regulatory framework. Sri Lanka’s existing casino space is limited to 90,000 sq. ft spread over four different locations: Bally’s Casino, Casino Marina, Bellagio and Star Dust are estimated to be attracting 30,000-40,000 patrons a month. 

In addition, John Keells Holdings has also planned to set up a casino in its flagship Cinnamon Life mixed development project.