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India and Macau casino operators set to launch in Sri Lanka

India and Macau casino operators set to launch in Sri Lanka

The Morning: Sri Lankan authorities have granted approval for two international casino operators from Macau and India to commence operations in Sri Lanka, sources reveal.
Speaking to The Sunday Morning Business, a high-ranking source at the BOI revealed that the Board of Investment of Sri Lanka (BOI) had facilitated discussions between the Sri Lankan authorities and two casino operators from Macau and India to enter Sri Lanka.
Subsequently, approval has been granted for the casino operators to commence operations pending the issuance of a licence under the new regulations.
Sources further revealed that these two international casino operators would likely apply for BOI status once they received their gambling licence, provided they complied with the required investment thresholds.
“If they comply with the investment thresholds, they can apply for BOI status. At the moment, they will only qualify to import, without any duty, the required building materials and gaming machines during the tenure of the project,” the source stated.
A major roadblock in facilitating gaming and gambling-related investments in Sri Lanka has been the lack of a regulator. However, since 2023, the Government has announced its intention to introduce a new regulator titled the Casinos and Gambling Regulatory Authority.
Speaking to The Sunday Morning Business, Ministry of Finance Secretary Mahinda Siriwardana stated that the bill to facilitate the establishment of the Casinos and Gambling Regulatory Authority was almost finalised and that they hoped to present it to Parliament as soon as possible.
In May, John Keells Holdings (JKH) announced that it had reached an agreement with a wholly-owned subsidiary of the world-famous Macau casino operator Melco Resorts & Entertainment Ltd. to operate the gaming facility at the Cinnamon Life Integrated Resort.

OSL take:
Sri Lanka’s ongoing economic activities and the overall economic expansion as a result has managed to attract the attention of many foreign businesses/investors to the growing business/investment opportunities in the country. With Sri Lanka targeting to become a regional hub, the business/investment opportunities in the country would see a further increase in the coming months. One of the key industries that has witnessed a steady growth momentum is Sri Lanka’s tourism industry. The growth in the tourism industry has spanned across several tourism concepts that range from eco, cultural, adventure, sport, wellness, MICE and the latest area of gaming. It is in such a backdrop that casinos from India and Macau have expressed interest in setting up businesses in Sri Lanka to attract the increasing number of tourist visitors to the island to play at casinos. These developments are indicative of the expanding tourism industry in Sri Lanka and the many new business/investment opportunities that continue to open up in Sri Lanka. The interest shown by foreign businesses/investors in Sri Lanka’s growing tourism industry is a clear indication of the growth and business potential of the industry. Given all these factors, foreign businesses/investors could explore the steadily growing business/investment opportunities in Sri Lanka.

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