The gambling space of Sri Lanka just got a little more costly. The government has introduced a number of changes in order to boost its revenue, but which will almost certainly not make casino operators happy. The changes were announced by Sri Lanka’s finance minister, Mangala Samaraweera, on Tuesday.
Currently, casino operators have to pay an annual license fee of $1.1 million. Going forward, that fee has been increased substantially, with operators now forced to pay a fee of $2.2 million.
If that doesn’t sting enough, operators are going to pay 15% in taxes on gambling turnover. That tax will be assessed on the operations as of April 1.
Additionally, casino patrons are now going to have to give casinos more money. Samaraweera stated that the casinos will be obligated to collect an entry fee of $50 per person, per visit. While many believe that this is going to be detrimental to gambling revenue growth, the minister points out that casinos in Singapore charge an entry fee, and that fee is higher than what Sri Lanka is now charging. Singapore casino patrons pay $100 for a 24-hour visit or about $1,475 for an annual entry fee.