A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted.
According to the Sri Lanka Mirror, the official announcement was made under the directive of President Anura Kumara Dissanayake in his capacity as the Minister of Finance, Planning and Economic Development.
The Gambling Regulatory Authority Act will next be tabled in parliament with the goal of establishing the regulator as an independent body with a broad and comprehensive mandate, the outlet explained.
“The Bill has been drafted to provide for the establishment of the Gambling Regulatory Authority, to repeal the Horse Racing Betting Ordinance, the Gambling Ordinance and the Casino Ordinance, and to make provisions for matters connected therewith or incidental thereto,” it said.
Sri Lanka first flagged establishing a formal regulator early last year amid concerns that existing operators had been avoiding payment of taxes as a result of the lack of regulatory oversight. Among the GRA’s tasks will be overseeing casino tax collection and countering criminal activity and negative societal impacts from the industry.
Sri Lanka is currently home to six legal casinos: Bally’s, Bellagio, Casino Marina, Stardust, Continental Club and The Ritz Club. Melco Resorts & Entertainment is expected to launch City of Dreams Sri Lanka at the impressive Cinnamon Life resort later this year.
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