New Sri Lankan President expected to kill James Packer’s casino plans

10 January 2015 05:40 am Views - {{hitsCtrl.values.hits}} 0 Bookmark

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Billionaire James Packer is expected to walk away from a plan to build a US $ 400 million casino and hotel in Sri Lanka after the island nation elected a new president, Maithripala Sirisena, who has promised to block the project.Sirisena, who is described as a social conservative, defected from the ruling party in November after previously serving under former president Mahinda Rajapaksa as Health Minister. The manifesto released by his new party, the New Democratic Front, promised to “disallow” licences for casinos proposed by Packer’s Crown Resorts and local developer John Keells Holdings.

Crown’s plans progressed rapidly throughout 2013, but stalled in the past year because of opposition from Buddhist leaders, backlash against tax concessions proposed for t he project and t he recent election campaign.With a local joint-venture partner, Crown had proposed thedevelopment of a resort with a 400-room hotel with shopping, entertainment and convention facilities.

Media reports have said Sirisena would cancel casino licences given to Crown and John Keells, but for Crown there is nothing for him to cancel. In December 2013, the government approved the project without giving express permission for a casino. However, politicians said they would not stop Crown’s partner, local entrepreneur Ravi Wijeratne who had links to the president, from transferring a licence from one of his alreadyoperating casinos.

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