Daily Asia Gaming eBrief: Operators pressured by Sri Lanka regulatory shift
Things move quickly in Asian gaming, and operators are subject to swift regulatory overhauls that can drastically reshape the playing field. For those in Sri Lanka, new legislation effective this year is pressuring companies to absorb increased costs and face lower profitability, questioning their determination. Looking at Cambodia, Prince Bank is facing liquidation, with its founder Chen Zhi facing US sanctions for fraud. And in the Philippines, Century Entertainment aims to tap the online gaming market by signing an agreement with its joint venture partner.
Good Morning. Things move quickly in Asian gaming, and operators are subject to swift regulatory overhauls that can drastically reshape the playing field. For those in Sri Lanka, new legislation effective this year is pressuring companies to absorb increased costs and face lower profitability, questioning their determination. Looking at Cambodia, Prince Bank is facing liquidation, with its founder Chen Zhi facing US sanctions for fraud. And in the Philippines, Century Entertainment aims to tap the online gaming market by signing an agreement with its joint venture partner.
Authorities in Sri Lanka have turned up the heat on gaming operators, after implementing sweeping changes to the nation’s gambling tax regime, including increased license fees and a shift to turnover-based levies. Industry observers say the move is aggressive, and is causing operators to absorb the changes with “almost no time to prepare”. Profitability is now in question, causing operators to weigh how valuable it really is to conduct business in the country.
Written byAGBrief EditorialThe AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.More from AGBrief Editorial →