Sri Lanka’s parliament has passed a bill to set up the Gambling Regulatory Authority, paving the way for the establishment of the nation’s official oversight body.
According to local media reports, the bill was passed unanimously.
Its successful passage comes just over a week since the proposed bill was approved by the Parliamentary Committee on Public Finance.
The bill allows for the establishment of the Gambling 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 regulator will also license casinos and ensure their compliance with regulations, including those for anti-money laundering.
Currently operating casinos will be given time to come under the oversight of the new regulator.
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.
