Sri Lanka’s parliamentary Committee on Public Finance (COPF) has reportedly greenlighted the importation of casino machines, with officials saying the decision would help the country earn additional fiscal revenue.
The Sri Lanka Mirror newspaper cited Ravi Karunanayake, a member of the COPF, as saying: “The government wanted a ramification. We looked into how it could help earn revenue. Therefore, we have approved it.”
“It is not our duty to assess the harmful effects of the move. We could only see how casinos could help the government earn revenue. This is why the approval was given,” he added.
The COPF is described as a parliamentary committee that reviews and scrutinises public finances.
The importation of casino machine equipment had been banned under the Casino Business (Regulation) Act No. 17 enacted in 2010.
The Sri Lankan authorities are currently moving ahead with changes to the nation’s gaming framework.
A draft bill to establish a Gambling Regulatory Authority in Sri Lanka was gazetted in late May. Once approved in the nation’s parliament, the draft bill will come into effect as the Gambling Regulatory Authority Act, and it will repeal the Casino Business (Regulation) Act.
According to the draft bill, the Gambling Regulatory Authority is “to function as the sole independent regulator with a broad and overarching scope on operations in the gambling industry in Sri Lanka, including online and off‑shore gambling activities on ships and in the Colombo Port City”.
The regulator will be tasked with collecting gambling-related tax revenue, ensuring “transparency and good governance” in gambling operations, and preventing illegal gambling activities, among other duties, according to the bill.
Global casino promoter Melco Resorts & Entertainment Ltd will soon launch a casino venue in a complex in Colombo, the Sri Lankan capital.
The casino at City of Dreams Sri Lanka is due to open “in August”, according to a statement by John Keells Holdings Plc, the casino group’s local partner on the project.
The gaming firm is an investor in the casino portion of the US$1-billion Sri Lanka resort complex. Melco Resorts had previously mentioned it would spend US$125 million as its contribution toward the casino resort.
