News
New checks on casinos: Rs 500mn for licence; told to apply before Oct. 30
View(s):The Inland Revenue Commissioner General has published a notice to give effect to new rules aimed at regulating the casino gaming industry–instructing existing and aspiring casino operators to apply for licences before October 30.
The rules, issued under the Casino Business (Regulation) Act of 2010, deem the Commissioner General to be the “authorised officer” in administering permits for the casino gaming business. It is the first time a licensing system has been introduced.
Now, any existing operator of a casino gaming business or company willing to engage in a casino gaming business will have to apply for a licence. And if an existing operator or company wishes to run the business in more than one premises, there should be a separate application for each, the notice states.
The initial licence is valid for five years and will cost Rs 500mn. Renewal would also cost Rs 500mn. The payments must be made upfront.
Once an application is received, an evaluation takes place to determine whether the applicant has a sound and stable financial background or financial resources that are adequate to ensure the financial viability of the casino gaming business.
It will also be checked whether such applicant, its shareholders or sponsors have ownership or control of sufficient assets or financial resources; and whether the casino gaming business is likely to contribute to the national economy. The importance of the relevant business in promoting Sri Lanka as a tourist destination and other financial and non-financial benefits will be evaluated.
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