Sri Lanka revises fees for obtaining, renewing casino licenses

After ten casino applications were submitted, the Ministry of Finance reportedly announced revised fees for obtaining and renewing casino licenses, according to Sri Lankan media sources.

According to State Minister of Finance Ranjith Siyambalapitiya, existing casinos would now have to pay $31 million in renewal fees in addition to $1.55 million for the first five years and $4.66 million for the next fifteen years.

The overall cost of licensing and renewals will come to $31 million for new operators anticipating to invest $250 million in their projects. Owners of new casino projects costing $500 million or more will have to pay $31 million in renewal fees in addition to an initial license charge of $15.5 million.

The government of Sri Lanka intends to establish a new regulatory body to oversee the casino sector in reaction to the influx of casino applications. There are now six casinos in Sri Lanka: The Ritz Club, Bally’s, Bellagio, Casino Marina, Stardust, and Continental Club.

Original story by: Asia Gaming Brief