Sri Lanka’s Ministry of Finance has announced an increase in fees for obtaining and renewing casino licenses across the country, part of its moves to establish a formal gaming regulator.
State Minister of Finance Ranjith Siyambalapitiya announced Friday that the Sri Lankan Cabinet has now officially approved the establishment of the regulator, which will be tasked with overseeing casino tax collection, and countering criminal activity and negative societal impacts from the industry.
This follows a proposal put forward to the President recently amid revelations that casino owners had avoided paying US$7.4 million in taxes due to the absence of appropriate regulatory oversight.
As part of efforts to put formal procedures in place, Siyambalapitiya revealed an increase in license fees, effective 1 January 2024, with a tiered fee structure based on the level of investment.
Existing operators will be required to pay Rs 500 million (US$1.55 million) for the first five years and Rs 1.5 billion (US$4.66 million) for the next 15 years combined, with a renewal fee of Rs 10 billion (US$31.0 million).
New operators committing at least US$250 million will be required to pay combined license and renewal fees of Rs 10 billion, while those committing at least US$500 million will need to pay an initial license fee of Rs 5 billion plus renewal fees of Rs 10 billion.
Entry fees for local customers are also planned to be increased to US$200, up from US$50, to discourage locals gambling.
Siyambalapitiya revealed that the government has received 10 applications for new casino licenses, none of which had yet been approved and were at varying stages of evaluation.
Sri Lanka is currently home to six legal casinos: Bally’s, Bellagio, Casino Marina, Stardust, Continental Club and The Ritz Club.
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