Sri Lanka ministerial meeting approves establishment of gambling regulator

Sri Lankan ministers have formally verified a draft bill to create the Gambling Regulatory Authority (GRA), whose main task is to oversee the industry and ensure that tax revenues are properly accrued.

Proposals for draft legislation:

“The Cabinet approved a proposal proposed by Sri Lankan President Ranil Wickremesinghe on Monday, and a bill on the regulation of all gaming activities will now be drafted,” local media reported. It also claims that the government is doing everything it can to ensure that taxes are fully accumulated, as well as preventing illegal activities and reducing the damage of gambling.

It is not yet clear which details will be included in such draft legislation, but it has previously been announced that regulators will grant licenses for up to 20 years and casinos will charge a 40% revenue tax on an annual licence fee of Rs 500 million (about $1.3 million).

The government’s plans regarding the expansion of the casino industry are not yet clear:

However, it remains unclear whether the government intends to expand the casino industry through the establishment of the Gambling Regulatory Agency (GRA), even though the government unveiled plans to open a new casino and entertainment venue at Lotus Tower in Colombo in November last year.

During a press conference on Nov. 18, 2022, Sri Lanka’s Minister of Tourism Diana Gamage commented on the casino’s opening, saying, “Lotus Tower Management Company (LTMC) will receive $1.4 million per year after signing a contract with Singapore’s Create Design Pte Limited to operate its casino and entertainment arm at Colombo Lotus Tower. Crate Design will lease one floor of Colombo Lotus Tower, which will be used to create an entertainment arm consisting of casinos and water parks. The initial contract will be for 10 years.”

In addition, Cynthia Chan, head of business development at Crate Design, said, “This investment agreement covers the development of the water sports and entertainment zone, one of the best that can be developed at the Lotus Tower in Colombo to the highest level in the world.” Additionally, Gamaji added, “This will enable Colombo Lotus Tower to be a hub for developing trade, investment, and tourism activities between Singapore and Sri Lanka.”

BY: 온라인카지노

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