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Ceylon FT: Australian billionaire and gaming tycoon James Packer according to news reports has informed the Sri Lankan government that he would abandon the planned US$ 400 million integrated resort project in Colombo if operation of casinos were not allowed and not mentioned in the gazettes.
James Packer last year signed an agreement with the Board of Investment to set up an integrated resort in Colombo, the planned project was estimated to be US$ 350 million and the Australian gaming tycoon was expected to partner with local gaming operator Ravi Wijerathne.
The project came under heavy criticism, the Ministry of Investment Promotion, which submitted gazette notification including casinos in the integrated resort later removed and replaced it claiming no casino would be included. However transfer of existing casinos were permitted and according to reports James Packer was expected to transfer his partner's casino to the new property. President Mahinda Rajapaksa and Minister of Economic Development... ...last week said that government was not approving any casinos but only permitting the construction of hotels, and the Cabinet had taken a policy decision not to include casinos or provide tax concessions to such activity.
The Parliament last week approved all three projects excluding casinos by, Australian gaming tycoon James Packer, local blue chip John Keells Holdings and local gaming mogul Dhammika Perera.
www.ceylontoday.lk
James Packer last year signed an agreement with the Board of Investment to set up an integrated resort in Colombo, the planned project was estimated to be US$ 350 million and the Australian gaming tycoon was expected to partner with local gaming operator Ravi Wijerathne.
The project came under heavy criticism, the Ministry of Investment Promotion, which submitted gazette notification including casinos in the integrated resort later removed and replaced it claiming no casino would be included. However transfer of existing casinos were permitted and according to reports James Packer was expected to transfer his partner's casino to the new property. President Mahinda Rajapaksa and Minister of Economic Development... ...last week said that government was not approving any casinos but only permitting the construction of hotels, and the Cabinet had taken a policy decision not to include casinos or provide tax concessions to such activity.
The Parliament last week approved all three projects excluding casinos by, Australian gaming tycoon James Packer, local blue chip John Keells Holdings and local gaming mogul Dhammika Perera.
www.ceylontoday.lk
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