Sri Lanka announces increase in fees for obtaining, renewing casino licenses

The Ministry of Finance in Sri Lanka has declared an increase in the price of applying for and reissuing casino licenses nationwide to establish a professional gaming regulating organization.

The Sri Lankan Cabinet has approved the establishment of the regulator, which would be in charge of controlling casino revenue collection, thwarting illegal activity, and addressing any unfavorable societal effects of the industry, according to State Minister of Finance Ranjith Siyambalapitiya.

The measure aims to establish formal procedures in response to claims that casino operators avoided paying $7.4 million in taxes because there was little regulatory oversight. The new license fees will be tier-based based on investment level and will take effect on January 1, 2024.

In addition to a renewal fee of Rs 10 billion (about $31.0 million), existing operators must pay Rs 500 million (about $1.55 million) for the first five years and Rs 1.5 billion (about $4.66 million) for the next fifteen years. If a new operator invests at least $250 million, they must pay a total of Rs 10 billion for licensing and renewals; if they spend at least $500 million, they must pay Rs 5 billion for the first license and Rs 10 billion for renewals.

The price of entrance for local customers would rise from $50 to $200 in order to discourage them from gambling. According to Siyambalapitiya, the government has received ten applications for further casino licenses; however, none of them have been approved and are now undergoing assessment. As of right now, Bally’s, Bellagio, Casino Marina, Stardust, Continental Club, and The Ritz Club are among Sri Lanka’s six permitted casinos.

Original story by: IAG