Gambling Regulatory Authority Act to be implemented from December
The Morning: The Government has decided to implement the Gambling Regulatory Authority Act from 1 December. It is reported that President Anura Kumara Dissanayake has issued the relevant Gazette notification.
The Bill, which makes provisions for establishing the Gambling Regulatory Authority Act, was recently passed in Parliament and the Speaker of Parliament Dr. Jagath Wickramaratne on 3 September endorsed the certification on the Gambling Regulatory Authority Bill in accordance with Article 79 of the Constitution.
The new Act provides for the regulation and control of all types of gaming activities, except for lotteries and social gaming.
OSL take:
Sri Lanka is focused on further strengthening the country’s tourism industry that is on a steady growth path as well as becoming a key revenue generator to the country. Sri Lanka’s tourism industry is showing great potential for further growth with the country being recognized as a must visit tourist destination by many leading travel publications and the latest move by the Sri Lankan authorities to regulate the gaming industry, which in turn could give a boost to the tourism industry. The regulation of the gaming industry would result in the country attracting many high-pending foreign travelers and Sri Lanka’s central location in the South Asian region would make it a popular destination for many foreign travelers from all parts of the world. The ongoing expansion in Sri Lanka’s tourism industry and the anticipated growth in the coming months given the expansion in the tourism concepts on offer, there are many business/investment opportunities that are open for foreign businesses/investors. These opportunities are manifold and cover many sectors related to the tourism industry as well. Foreign gaming businesses could also confidently set up operations in Sri Lanka once the regulatory framework is in place. Given the increasing business potential in Sri Lanka’s tourism industry and related sectors with many international leisure, hospitality and entertainment brands looking at entering the country, foreign businesses/investors could confidently explore the expanding business/investment opportunities in the industry.
| Article Code : | VBS/AT/20251124/Z_1 |