Sri Lanka’s Parliamentary Committee on Public Finance (COPF) has officially approved a bill to establish the Gambling Regulatory Authority, marking a major step toward regulating the nation’s growing gaming sector. The decision came during a COPF meeting this week, chaired by acting head Rauf Hakeem.
Independent Oversight for a Growing Industry
The new law paves the way for an independent body to oversee betting and gaming operators in Sri Lanka. Its objectives include creating consistent industry standards, boosting tourism, driving economic growth, and minimizing potential social harms linked to gambling.
The bill’s timing is significant, following the recent launch of Melco’s City of Dreams Sri Lanka. Located strategically to attract the Indian market, the $1.2 billion integrated resort has been touted as a step toward transforming the nation into “India’s Macau”.
Building a Regional Gaming Hub
Industry experts note that for Sri Lanka to succeed as a major gaming hub, it must maintain clear regulatory frameworks and manage public perception effectively. They point to Macau’s success as an example of balancing industry growth with social responsibility.
City of Dreams Sri Lanka officially opened on August 2nd, becoming the country’s largest-ever private investment and Melco’s first project in South Asia. The resort features luxury accommodations, gaming facilities, entertainment venues, and attractions designed to position Sri Lanka as a competitive player in the regional gaming market.
With the Gambling Regulatory Authority now set to take shape, industry observers believe the nation is positioning itself for long-term growth while ensuring responsible gambling practices remain a priority.
