The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, state minister of finance Ranjith Siyambalapitiya said.

Cabinet of Ministers gave a green light to the gambling regulatory authority, following a proposal submitted by the president recently.

The government has been trying to set up a regulatory body, aimed at ensuring casino owners pay their fair share of taxes.

It has also been agreed to issue new casino licenses, revealing that a 2010 law regulating casinos required such licenses, but that none had been issued.