Sri Lanka’s Parliamentary Committee on Public Finance has officially approved the bill to establish the nation’s Gambling Regulatory Authority, a key move in overseeing the growing gaming sector.
According to reports, the bill was approved at a COPF meeting this week, under acting chair Rauf Hakeem.
It bill allows for the establishment of the Gaming Regulatory Authority as an independent oversight body, aimed at standardizing betting and gaming operators within the country, developing tourism and growing the economy while also minimizing possible social harm from its growth.
The bill is of particular importance given the recent opening of Melco’s City of Dreams Sri Lanka, which aims to shape the nation into “India’s Macau”, due to its geographic proximity to the target market.
Experts previously told AGB that shaping Sri Lanka into such a gaming hub would require consistent regulatory frameworks and careful management of public opinion, if it hopes to achieve the success that Macau has seen.
The $1.2 billion property officially fully opened on August 2nd, marking the country’s largest-ever private investment and Melco’s first foray into South Asia.
