Sri Lanka committee raises concerns over casino regulations
The Committee on Public Finance says the Finance Ministry and Attorney General’s Department has failed to meet key deadlines.
Sri Lanka.- The Committee on Public Finance (CoPF) has raised concerns over delays in establishing a dedicated Gambling Regulatory Authority (GRA) and has described the current draft Gambling Regulatory Authority bill as inadequate. The response comes after the recent opening of the City of Dreams integrated resort with a 20-year casino licence.
CoPF Chairman, Dr. Harsha de Silva, said successive governments, including the previous Wickremesinghe-Rajapaksa arrangement and the incumbent National People’s Power (NPP) government, had ignored repeated recommendations to seek guidance from countries with robust regulatory systems, such as Singapore.
The 20-year license for the new City of Dreams resort, a joint venture between John Keells Holdings (JKH) and Melco Resorts & Entertainment Limited, was approved during Ranil Wickremesinghe’s presidency despite the CoPF’s call in November 2022 to halt new approvals until the GRA was in place. The committee said it had urged the Finance Ministry to fund the creation of the regulator by September 2023 and later by March 2024, but both deadlines were missed.
It also criticised the Attorney General’s Department for taking 15 months to review the draft GRA bill.
Sri Lanka’s gambling industry continues to operate under the Casino Business (Regulation) Act of 2010 and the Betting and Gaming Levy Act of 1988. More than a decade after the 2010 law was passed, regulations for licensing and operational zones have yet to be issued. Major operators such as Bally’s, Bellagio, Casino Marina and Stardust are still functioning under provisional registrations granted in 2013.
