The Sri Lankan government recently revealed that the new Gaming Regulatory Authority will officially go live on December 1st. This entity will be responsible for managing all gambling activities nationwide, including online and offline, but excluding lotteries. The regulatory body will handle licensing, taxation, and anti-money laundering efforts, while also having increased the tax rates and doubled the entry fees for citizens visiting casinos. Currently, several casinos are operating in Colombo, and new resorts have opened, but the government emphasizes that there will not be rapid expansion, focusing instead on proper regulation.
Regulatory Authority Overview
The Sri Lanka Gaming Regulatory Authority (GRA) will commence operations on December 1st, possessing extensive powers over maritime, land-based, and online gambling, but excluding lotteries and social games. It will manage licensing, taxation, and safeguards against problem gambling. Deputy Minister Fernando mentioned that it will also closely monitor casino compliance and money laundering risks. The new legislation effectively replaces the old gambling regulations, allowing for more unified oversight.
Industry Status and Future
Currently, several land-based casinos are operating in Colombo, the commercial capital of Sri Lanka, and a $1.2 billion integrated resort named "Sri Lanka City of Dreams" is set to open in October 2024, developed by John Keells Holdings and Melco Resorts & Entertainment, covering a gambling area of 16,725 square meters. Melco's CEO Lawrence Ho once likened Sri Lanka to the Macau of India, but Fernando stated that the focus would be on detailed regulation rather than rapid expansion or issuing a large number of licenses, specifying allowed activities and restrictions.
Tax Adjustments and Projections
The tax rate has been raised from 15% to 18%, and the entry fee for citizens has increased from 50 USD to 100 USD. By 2026, gambling revenue is expected to reach $410 million, up from $240 million in 2020, with analysts predicting a compound annual growth rate of 5.4% until 2031.
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