The Sri Lankan government has introduced a minimum investment requirement for building new casino venues in the country, according to amended regulations published by the nation’s Ministry of Finance.
The Island newspaper noted in a report summarising recent regulatory developments, that Sri Lanka had already announced in January a fee of LKR10 billion (US$32.2 million) for a 20-year casino licence as part of an integrated resort (IR) with a pledged investment of US$250 million.
The fee for such casino licence would be reduced to LKR5 billion for an IR with a minimum investment of US$500 million.
Under some rules announced this month, aside from the casino-licence fees, would-be operators would have to pledge an investment in the range of US$30 million to US$100 million specifically for the casino portion of an IR involving a US$250-million scheme, reported the media outlet.
In an IR with a minimum pledge of US$500 million, the casino venue would require an investment of at least US$100 million, it added.
According to previous gazetted information, casino-licence fees may be revised every five years, subject to an increase capped at 20 percent, said the local newspaper.
Sri Lanka media outlets reported in January that the authorities there had received applications for 10 new casinos, but none had so far been approved.
