Updated January 30, 2015 19:40:09
Crown Properties in Colombo on Hotels.com and earn Rewards nights. Collect 10 nights get 1 free. 190 Park Road, Colombo, 00500, Sri Lanka. Comfortable Colombo. The government of Sri Lanka raises casino license fees, introduces turnover tax and casino entry as part of new budget. Sri Lanka’s operational casinos will have to pay higher annual license fee from this year, the nation’s Finance Minister Mangala Samaraweera announced today.The amended fee comes as part of Sri Lanka’s budget for 2019 that was delivered today.
James Packer's Crown Group says it will not go ahead with a proposed plan to develop a $400 million luxury hotel and resort in Sri Lanka, following a decision by the government in Colombo to scrap tax concessions for the project.
On Thursday Sri Lanka's new government decided to cancel generous tax concessions for three foreign resort developments – including Mr Packer's resort – and said it would not issue them licenses to run casinos.
A spokeswoman from Crown said the company respected the decision and on that basis the project would not be going ahead.
The concessions were given under the former government of Mahinda Rajapaksa but critics in Sri Lanka opposed the move to give tax breaks to foreign gaming ventures.
Speaking to politicians, Sri Lanka's new prime minister Ranil Wickremesinghe said the government would withdraw the tax breaks for the developments with immediate effect.
Colombo Sri Lanka Airport
'We will not allow casinos on their premises,' he said.
The previous government had offered the concessions in an effort to turn the Sri Lankan capital into a regional gaming hub.
The opposition, Sri Lanka’s influential Buddhist leaders and some members of Mr Rajapaksa's government criticised the move.
Mr Rajapaksa lost office last month. His regime had been accused of becoming authoritarian and corrupt.
The new coalition government, which includes defectors from Mr Rajapaksa's administration, has announced a 100-day constitutional reform agenda which includes measures to increase transparency and end corruption.
ABC/AFP
Topics:business-economics-and-finance, company-news, gambling, sri-lanka, asia, australia
First posted January 30, 2015 19:09:12
| Crown Sri Lanka | |
|---|---|
| Address | Beira Lake, Slave Island, Colombo, Sri lanka |
| Opening date | Cancelled |
| No. of rooms | 450 |
| Casino type | Land-based |
| Owner | Crown Limited Ravi Wijeratne |
Things To See In Colombo Sri Lanka
Crown Sri Lanka was a proposed casino and resort on the banks of the Beira Lake in Colombo, Sri Lanka. It was expected to cost $450 million and consist of two 36 floor buildings[1]
History[edit]
Colombo Sri Lanka Map
In the post-war period, the Sri Lankan government under Mahinda Rajapaksa actively pursued new ventures to attract tourism and boost the country's economy, intending to take advantage of the island's close proximity to India. In this context, it intended to encourage the growth of a gaming industry, hoping to divert Indian and Chinese travelers from more established centers such as Singapore or Macau.[2]
Crown Sri Lanka was one of three integrated resorts planned in Sri Lanka, located in the capital city Colombo. This was a joint partnership between Ravi Wijeratne (head of the Rank Holdings group) and Crown Limited, who each held a 45% stake.[1]
The project was criticized by civil society groups (on the grounds of being contrary to the country's conservative principles), and by opposition parties, which alleged that the tax incentives given to the project were disproportionate and an unfair burden to the taxpayer. The project was slated to be completed by 2015, but a change in government led to the cancellation of all three casino licenses awarded by the previous administration- among them, that of the Crown Resorts project.[3]
Crown Casino Colombo Sri Lanka Map
References[edit]
- ^ ab'Crown's partner on Colombo casino project says cost may rise to $US400m'. theaustralian.com.au.
- ^Kruger, Colin. 'Crown has big casino plans in Sri Lanka'. smh.com.au.
- ^'Sri Lanka's new government cancels new casino licenses'. News.worldcasinodirectory.com. 2015-02-03. Retrieved 2016-08-07.
Comments are closed.