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Sri Lanka’s Council of Ministers has approved the creation of a new supervisory body. The Gaming Regulatory Authority will be responsible for the sector, revenue collection and overall development of the country.
The ministers voted in favor of the project, presented by the President at the beginning of the week. It seriously considers not only creating a regulatory body, but also establishing standards for the industry.
According to the possible law, An elaborate structure will be built around the game. Its objective would be to guarantee taxation, minimize damage and stop illegal activities.
However, not all provisions of the law have yet been clearly defined. For example, it has not yet been approved the duration of the license necessary for gaming companies to operate legally in the country. According to some reports, this Term could be up to 20 years.
Regarding taxation, casinos will have to pay 40% of all profits. An initial fee of license of 1.3 million dollars.
Sri Lanka now has four gaming establishments: Bally’s Colombo, Bellagio Colombo, Marina Colombo and MGM Colombo. Another casino is scheduled to open in August on the first floor of the Colombo Lotus Tower. The innovations will affect the operations of each of them. Sri Lanka also hopes to attract more projects.
The debate on the creation of a regulatory body of the gaming market began in the country last year. At that time it was also decided to grant licenses to four operating casinos to make tax collection more efficient.
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