With just three weeks remaining before the official announcement of the presidential election, President Ranil Wickremesinghe, in his capacity as the Minister of Finance, made a hurried visit to Colombo DR amidst growing concerns surrounding the approval of a new casino license. This license pertains to the establishment of a casino at the Nelum Kuluna premises on Wijayawardena Mawatha.
On July 5th, the President approved the issuance of the casino license to Majestic Pride Casino Sri Lanka, operated by Golden Island Hospitality Limited. The Board of Investment (BOI) subsequently granted its approval for this license on August 1st, days after the election announcement on July 26th.
This timing has sparked significant debate within the industry, raising questions about whether the President, acting as the finance minister, adhered to the required regulations when granting the license. The crux of the issue lies in whether the license was issued under the provisions of an older gazette notification or based on the amended gazette released on January 12, 2024.
Under the older gazette, the issuance of a casino license required a payment of 500 million rupees. However, the new amendment mandates a minimum investment of $250 million for obtaining a license, along with a fee of either 10 billion rupees or 5 billion rupees, depending on the license type.
Concerns have arisen regarding whether the required $250 million investment was made and whether the 10 billion rupees or 5 billion rupees fee was paid during the licensing process. If the payments were made, questions remain over whether the funds were properly received by the Ministry of Finance or the Inland Revenue Department under the previous system. Authorities are being urged to clarify the matter.
Furthermore, the public discourse has focused on whether the President, as finance minister, complied with the amended gazette from January when issuing this casino license. If the relevant institutions did not follow the new regulations, this could pose a serious issue for the administration.
In light of these concerns, several groups are reportedly preparing to submit a formal complaint to the Election Commission regarding the controversial casino license deal in the coming days. Additionally, it is understood that certain parties plan to initiate a special investigation into the transaction following the conclusion of the presidential election, with possible legal action on the horizon.
President arranged for the casino license to be granted on July 5th.
Following the presidential election announcement, the Board of Investment finalized the agreement.
