Wednesday, June 5, 2013

Massive Casino resort in Colombo

A massive Las Vegas style Casino resort with a minimum of 400 rooms would be set up along D.R. Wijewardane Mawatha in Colombo, with a US$ 350 million investment, it was revealed in Parliament yesterday.

It is an investment by Australian casino mogul James Packer. The project will enjoy tax concessions for more than ten years.

The government has enacted the Casino Business Regulation Act to provide for such businesses in the country.

Janatha Vimukthi Peramuna (JVP) parliamentary group leader Anura Kumara Dissanayake raised the issue in Parliament having circulated a letter sent by Finance Ministry Director General K.M.M. Siriwardene to the Chairman of the Board of Investment (BoI).

According to the letter, the project will be given recognition under the Strategic Development Project Act No 14 of 2008. It is a law introduced by the government to give facilities for large Foreign Direct Investments (FDI) in the country.  Quoting from the letter, Mr. Dissanayake said the project would be located on a land belonging to the Government Supplies Department.

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