An Echelon Media Company
Friday July 12th, 2024

Sri Lanka gets 10 applications for casinos: Minister

ECONOMYNEXT – Sri Lanka has received 10 applications to set up casinos under new regulations issued, and they are in various stages of evaluation, State Minister for Finance Ranjith Siyambalapitiya said.

Opposition legislator Athureliye Rathana, a monk, questioned whether two companies, including one called Golden Island Hospitality (Pvt) Ltd had been issued licenses.

He questioned whether a casino had been approved for the Lotus Tower, and whether casinos will be set up in Kandy and Jaffna.

Opposition legislator Lakshman Kiriella requested that casinos not be set up in Kandy, the Sri Pada and Anuradhapura which had a religious significance.

Minister Siyambalapitiya said the applications were in various stages of evaluation and no licenses have been issued so far.

Under regulations gazette last year, there were four casinos which were charged 500 million rupees as an renewable fee for five years.

RELATED: Sri Lanka to issue no-sex casino licenses for 20-years

They also had to pay 15 percent on revenues and collect a 50 dollar fee from Sri Lankan casino players.

The government planned to increase the fee to 200 dollars over three years to discourage locals playing casinos, he said.

Rathana thero questioned why casinos were being set up when people did not have money to eat.

Siyambalapitiya said there was criticism when valued added tax were raised but when alternative sources of revenue was found by taxing foreigners, traditional criticisms were being made that had kept the country back.

“I clearly said 10 applications have been received. We have to remember already regulated casinos which operated without paying a license for many years.

We are talking about taxes, asking not to impose VAT, but when a tax is charged from tourists, they we are told not to do this,” Siyambalapitiya said.

“Then are you asking to raise taxes on locals? There is a big problem in going forward with the reality. Always with this traditional opposition this country has gone down the tubes (waler pull-lerter gi-yar). It is the same thing today. We have to realize this Honorable Speaker.”

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka appoints new Attorney General

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has appointed K A Parinda Ranasinghe PC as Attorney General.

He was appointed in terms of Article 61E (b) of the Constitution of Sri Lanka, the president’s media division said.

The new AG received the appointment from President Wickremesinghe at the Presidential Secretariat on Friday.

He fills the post after the retirement of former Attorney General Sanjay Rajaratnam. (Colombo/Jul12/2024)

Continue Reading

Sri Lanka rupee closes stronger at 301.70/302.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 301.70/302.00 to the US dollar on Friday, from 302.80/303.00 to the US dollar on Thursday, dealers said, while bond yields were up.

A bond maturing on 15.12.2026 closed at 10.90/11.00 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2027 closed at 11.75/80 percent, up from 11.80/88 percent.

A bond maturing on 01.05.2028 closed at 11.90/12.00 percent.

A bond maturing on 15.09.2029 closed at 12.10/30 percent, up from 12.15/25 percent. (Colombo/Jul12/2024)

Continue Reading

Sri Lanka stocks close up, muted activity

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.

The broader All Share Index closed up 0.35 percent, or 41.71 points, at 11,843; while the more liquid S&P SL20 Index closed up 0.56 percent, or 19.20 points, at 3,454.

Turnover was low at 653 million.

“The market picked up a bit from yesterday but it’s still below the psychological 12,000 mark,” Softlogic Stockbrokers said.

“Local retail participation drove the market predominantly.”

John Keells Holdings Plc brought in Rs109mn to the turnover, and the share closed flat at 194.50.

Melstacorp Plc contributed in Rs104mn to the turnover, and the share closed flat at 85.00.

Sentiment around the banking counters was mostly negative. Sampath Bank Plc closed down at 77.00, closed flat at 101.25, and Hatton National Bank Plc closed flat at 195.25.

The top contributors to the ASPI were Commercial Bank of Ceylon Plc (up at 103.50), Bukit Darah Plc (up at 397.00), and Hayleys Plc (up at 101.00).

Foreign participation remained low as well. There was a higher net foreign outflow of 101 million.

“Foreign selling was seen on John Keells Holdings, and banking counters; Hatton National Bank Plc (down at 195.00), Pan Asia Banking Corporation Plc (down at 20.70), and Commercial Bank of Ceylon Plc.

There was selective foreing interest on the diversified financials sector, particularly in companies that had vehicle leasing portfolios. “We think this might be due to the news of the vehicle import ban possibly ending.”

LOLC Holdings Plc closed up at 440.50, People’s Leasing and Finance Plc closed up at 12.20.

Softlogic Holdings Plc which announced the date of its rights issue, closed up at 8.50. (Colombo/Jul12/2024)

Continue Reading