By Mario Andree
Ceylon Finance Today: Australian billionaire gaming tycoon James Packer's US$ 400 million resort project in Colombo is still on the cards with the government in the process of finalizing the agreement.
Packer's project was said to have been put on hold after the government released a Gazette notification on the project, which left out the setting up of gaming facilities.
Minister of Investment Promotion Lashman Yapa Abeywardena told Ceylon FT, that despite some legal issues that needed to be ironed out in the agreement, the US$ 400 million mixed development would proceed as planned. The minister said the agreement had not specified proper terms and conditions, after it had to rescind on the casino agreement amidst growing opposition.
Australian billionaire and gaming tycoon James Packer according to news reports in April this year had informed the Sri Lankan Government that he would abandon the planned US$ 400 million integrated resort project in Colombo, if the operation of casinos was not allowed.
Packer's project as well as two other projects by local blue chip, John Keells Holdings and Local Gaming Mogul Dhammika Perera, came under serious criticism following gazette notifications, which said that the first two projects approved by Cabinet included casinos.
Contradicting President Mahinda Rajapaksa and Minister of Economic Development Basil Rajapaksa's statements, government spokesman Keheliya Rambukwella in early May this year said that Packer and Perera would be able to operate casinos in their projects, as a result of restricting casino operations in the country to D. R. Wijewardena Mawatha.
Ceylon Finance Today: Australian billionaire gaming tycoon James Packer's US$ 400 million resort project in Colombo is still on the cards with the government in the process of finalizing the agreement.
Packer's project was said to have been put on hold after the government released a Gazette notification on the project, which left out the setting up of gaming facilities.
Minister of Investment Promotion Lashman Yapa Abeywardena told Ceylon FT, that despite some legal issues that needed to be ironed out in the agreement, the US$ 400 million mixed development would proceed as planned. The minister said the agreement had not specified proper terms and conditions, after it had to rescind on the casino agreement amidst growing opposition.
Australian billionaire and gaming tycoon James Packer according to news reports in April this year had informed the Sri Lankan Government that he would abandon the planned US$ 400 million integrated resort project in Colombo, if the operation of casinos was not allowed.
Packer's project as well as two other projects by local blue chip, John Keells Holdings and Local Gaming Mogul Dhammika Perera, came under serious criticism following gazette notifications, which said that the first two projects approved by Cabinet included casinos.
Contradicting President Mahinda Rajapaksa and Minister of Economic Development Basil Rajapaksa's statements, government spokesman Keheliya Rambukwella in early May this year said that Packer and Perera would be able to operate casinos in their projects, as a result of restricting casino operations in the country to D. R. Wijewardena Mawatha.
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