Casino regulatory authority on the cards with the increase in gambling
Sri Lankan authorities have officially taken a decision for the establishment of a gaming regulatory authority in the wake of ever increasing tax evasion by a handful of local casino owners, Finance Ministry sources disclosed.
The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, State Minister of Finance Ranjith Siyambalapitiya said.
The Cabinet gave a green light to this authority, following a proposal submitted by the president recently.
The government has been trying to set up a regulatory body, aimed at ensuring casino owners pay their fair share of taxes.
It has also been agreed to issue new casino licenses, revealing that a 2010 law regulating casinos required such licenses, but that none had been issued.
According to recent estimates of the ministry, a sum of US $7.4 million in casino taxes was in arrears due to the lack of regulatory oversight.
Ten new operators have applied for licenses to establish casinos in the country but the government is yet to grant its approval, Mr. Siyambalapitiya disclosed.
Minister Siyambalapitiya said the applications were in various stages of evaluation and no licenses have been issued so far.
Six casinos are currently operating in Colombo including Bally’s, Bellagio Entertainment, Casino Marina, Stardust, Continental Club, and The Ritz Club.
The government has introduced new laws on casinos making way for the levying of a sum of Rs. 500 million when granting a license for a period of five years, he said adding that entrance fees for casinos will be increased.
The government planned to increase the fee to $200 over three years to discourage locals visiting casinos, he said.
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