Melco Fulfills $100M Sri Lanka Casino Investment, Revenues Gain VAT Exemption

• Melco Resorts invested Rs 30.2 billion in equity and loan capital for City of Dreams Sri Lanka casino, fulfilling its US$100 million commitment under agreement with Sri Lanka’s Board of Investment
• The casino revenues are exempt from VAT in Sri Lanka, though some subsidiaries face VAT on certain non-gaming transactions and a 15% monthly gross collection levy on gambling revenues exceeding Rs 1 million
• Melco received a 20-year casino license in March 2024 and opened the casino in August, operating through its fully-owned subsidiary Bluehaven Services Private Limited
• The investment represents a small portion compared to Melco’s larger operations, as City of Dreams Macau alone generated US$172.2 million in non-gambling revenue in the first half
• Casino magnate Lawrence Ho attended the August opening of the architecturally distinctive venue in Colombo, operated jointly with John Keells Holdings

Source: sundaytimes.lk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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