The island nation of Sri Lanka has implemented new restrictions to its casino licensing that will introduce new fees and require higher minimum investments. The changes went into effect January 1, Yogonet reported February 28.
At the moment, Sri Lanka has six casinos, although there are applications for 10 others. Operators include Bally’s, Bellagio, Casino Marina, Stardust, Continental Club and The Ritz Club.
President Ranil Wickremesinghe issued the revised Casino Business Licensing Regulation No. 01 of 2022 to increase accountability and sustainability. It was a reaction to growing concerns over social and economic effects of the gambling sector, and its contributing to individual debt and gambling problems.
It requires casino applicants to demonstrate they can make a minimum investment of $250 million for an integrated development, plus a license fee and renewal fee of $31 million.
Those that invest more than $500 million will pay a license fee of $15.5 million and a renewal fee of $31 million.
Casinos licensed before January 1, 2023 will pay a license fee of $24,176,960, with the same $31 million renewal.
The government in 2023 created the Gambling Regulatory Authority, which will oversee the sector and ensure the collection of taxes.
