One of the top blue chips John Keells Holdings’ (JKH) flagship Cinnamon Life plans to operate a casino within the premises business sources said.
JKH has taken steps to commence discussions to enter into a tripartite agreement with a license holder and an international operator in order to set up casino operations at the property. They are planning to debut operations within the next 12-15 months, sources said.
Accordingly the gaming facility of Cinnamon Life is expected to commence operations in first half of 2024.
Meanwhile regulations to regulate the casino industry were amended with higher fees with effect from 01st September. Issuing a gazette notification President Ranil Wickremesinghe on August 31 amended the Casino Business Regulation No.01 of 2022 after obtaining the approval of Cabinet of Ministers. With effect September 1, 2022, new applicants and the existing four operators are required to obtain licenses based on new rules under the Betting and Gaming Levy of 2010, subject to a fee of Rs.500 million for a 5-year period, which is an increase from earlier Rs.200 million.
