Sri Lanka’s new government said that the country does not need investment from Australian billionaire James Packer, after the gaming mogul pulled out his luxury resort development.
“Packer says he will not come. Who asked you to come?” Sri Lanka Prime Minister Ranil Wickremesinghe said in a statement. “Please don’t come, not in this lifetime.”
“We need only good investors. We don’t want an economy relying on casinos,” Wickremesinghe added.
James Packer’s Crown Group abandoned plans for the $350 million resort-casino development on Friday, after the new administration had decided to ban approval for casinos and withdrew significant tax concessions granted under the previous regime in efforts to turn Colombo into a regional gaming hub.
Sri Lanka’s new government came to power on January 9 and Sri Lanka’s new President Maithripala Sirisena had reportedly pledged in his manifesto to cancel the new casino projects.
Aside from Australia’s Crown Resorts Ltd’s proposal, two other Sri Lanka casino schemes—the US$300-million Queensbury resort by Sri Lanka’s Vallibel One Plc. and the US$850-million Waterfront Properties development of John Keells Holdings Plc were affected by the latest Sri Lankan government announcement.
With a local joint venture partner, Crown had proposed the development of a resort with a 400-room hotel, with shopping, entertainment and convention facilities and a casino but after receiving cabinet approval in 2013, its plans faced strong opposition from Buddhist leaders who were angered by the tax concessions approved for the project and feared that an enlargement of the casino gaming industry would damage community values and culture in the mainly Buddhist nation.