Sri Lanka’s Committee on Public Finance (CoPF) has voiced strong dissatisfaction with the slow progress in establishing a regulatory body for the country’s casino sector, The Island reported. Lawmakers say the proposed Gambling Regulatory Authority (GRA) Bill falls short of effectively managing the rapidly growing industry.
Missed Deadlines and Lack of Action
CoPF chair Dr. Harsha de Silva accused both the Finance Ministry and the Attorney General’s Department of repeatedly failing to meet key deadlines. The committee had urged the government to seek advice from jurisdictions with proven regulatory systems, such as Singapore, but officials ignored those recommendations.
The urgency intensified after the recent launch of the City of Dreams, Sri Lanka’s first integrated resort with a 20-year casino licence. The government approved the licence under President Ranil Wickremesinghe despite CoPF’s earlier request to halt new licences until a regulator was in place.
Legislative and Regulatory Gaps
The CoPF had pressed the Finance Ministry to allocate funding for the GRA by September 2023 and then again by March 2024. Both deadlines passed without action. Meanwhile, the Attorney General’s Department took 15 months to review the Bill, a delay the committee called unacceptable. Lawmakers demanded measures to prevent similar holdups in the future.
Currently, Sri Lanka’s casinos operate under outdated laws, including the Casino Business (Regulation) Act of 2010 and the Betting and Gaming Levy Act of 1988. Despite the 2010 Act, authorities never issued regulations for licensing or designated operational zones.
Unregulated Operations Continue
Major venues like Bally’s, Bellagio, Casino Marina, and Stardust still run under provisional registrations granted in 2013. The country also lacks effective systems to monitor casino finances, particularly in the online gambling sector. The CoPF warns that without stronger regulations, Sri Lanka risks losing control over a sector that continues to expand unchecked.
