Gaming industry expands with new casino players
The government has approved two local and foreign joint ventures to establish casinos, out of 10 applications submitted to the Ministry of Finance as part of the country’s efforts to boost the gaming industry, according to the Board of Investment (BOI).
One of the newly approved ventures is a partnership between Sri Lanka’s Golden Island Hospitality Ltd and India’s Majestic Group Hotels and Casinos.
This joint venture will establish and operate the Majestic Pride Casino at the Colombo Lotus Tower. On August 1, 2024, the companies were granted a Casino Business License by the Ministry of Finance and the joint venture company signed an agreement with the BOI.
In a joint statement, the companies expressed their goal to position Majestic Pride Casino as a prime tourist destination, contributing to Sri Lanka’s tourism and economy, while creating job opportunities for local youth in the gaming and hospitality sectors.
Last year, four existing casinos were charged a renewable fee of Rs. 500 million for five years. In addition, they are required to pay 15 per cent of their revenue and collect a US$50 fee from local players.
The government aims to raise this fee to $200 over the next three years to discourage local participation in gambling.
According to the new gazette notification, a casino license fee for new applicants with minimum investment of $250 million is Rs.10 billion and they will have to pay renewal fee of Rs.10 billion per annum as well.
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