Sri Lanka prepares to enable casino operations
In a significant move for Sri Lanka's tourism industry, the government has approved two foreign-funded and operated online casino projects in the capital city, Colombo. One of these projects, worth $350 million, will be developed by an Australian-funded company, Melco Resorts & Entertainment Ltd, through its subsidiary Bluehaven Services (Private) Ltd.
The other online casino project will be developed by a local company. Both projects are expected to aid Sri Lanka's tourism industry by attracting more tourists, including casino whales.
The development of these online casino complexes includes the construction of hotel resorts, as both the Australian-funded company's project and the ongoing development of online casino complexes will include the development of a resort. The location of the first online casino complex, developed by Melco Resorts & Entertainment Ltd, has been confirmed as a lake-front property in Colombo. The location of the second online casino complex is not specified, but it will be nearby the first one.
Despite not yet being approved by the Sri Lankan parliament, these online casino projects are not expected to face significant interference in their approval. The parliament is expected to not interfere significantly with the approval of the online casino projects. The exact timeline for the approval and construction of the online casino projects remains unspecified.
The Sri Lankan government has granted both online casinos a 10-year partial tax exemption. However, the value of this tax exemption, as well as the tax exemption granted to the Australian-funded company's project, is not specified. The total worth of the two online casino projects is approximately $1.08 billion.
These online casino projects are set to bring a significant boost to Sri Lanka's economy and tourism industry, attracting visitors from around the world and providing employment opportunities for the local population. As the construction of these projects progresses, the impact on Sri Lanka's tourism industry and economy will be closely monitored.
