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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka investment approval for Crown in final stages: minister

Sri Lanka investment approval for Crown in final stages: minister

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 12, 2013 (LBO) - Investment approval for Australian magnate James Packer's Crown group for a joint venture mixed development in Sri Lanka is being finalized and details will be presented parliament soon, investment minister Lakshman Abeywardena said.

The 350 million US dollar investment with a Sri Lankan partner envisages a luxury hotel with 430 rooms and qualifies for floor investment to be listed as a strategic investment qualifying for special investment relief.

Under Sri Lanka's strategic development law, such incentives have to be presented to parliament.

The project has run into a political storm from the opposition and some religious figures for giving tax relief due a casino being associated with the development.

Packer and his joint venture Lankan partner, Colombo based, Rank Holding's Ravi Wijeratne are both in to gaming.

Sri Lanka's Board of Investment, which is under Abeywardena's investment promotion ministry, is charged with approving large projects and fast-tracking them.

"We are approving a 350 million US dollar mixed development and not a casino," he told reporters in Colombo.

"For example if there is a liquor store in a project, we do not approve it, it has to be dealt with by the Excise Department."

If the promoters wish to shift a casino to the project he said that was between the partners and nothing to do with approving a mixed development.
Wijeratne said last week that he intended to shift one of his casinos to the project and the total investment in the project may reach 400 million US dollars.

Abeywardena said the project will get a 12-year tax holiday, less than the 15-years given to a high profile hotel in Colombo to be built by Hong Kong based Shangri La.

Abeywardene said the opposition was saying that there were not enough large investors coming to Sri Lanka but when a high profile investor like James Packer came, various negative statements were made which could scare them off.
http://www.lankabusinessonline.com/news/sri-lanka-investment-approval-for-crown-in-final-stages:-minister/41020786

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
Any connection between this and the recent foreign exchange liberalization? After all foreigners will need to take out their winnings (if any) either in Cash or by draft

http://forum.srilankaequity.com/t29222-sri-lanka-relaxes-foreign-exchange-controls#171970

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@kukumarx wrote:Any connection between this and the recent foreign exchange liberalization? After all foreigners will need to take out their winnings (if any) either in Cash or by draft

http://forum.srilankaequity.com/t29222-sri-lanka-relaxes-foreign-exchange-controls#171970

Maybe a connection, but already foreigners are winning in DP's other's casinos and they are taking out their winnings with no problems. Some Chinese/Russian service industry workers/entertainers are also taking out their earnings with no problems. Some politicians/connected peeples are also taking out their "earnings" with no problems.

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
Thank you for the quick response. With the service industry workers the amounts I would imagine are comparatively small. And they would not be averse to using illegal channels! 

With the casinos its another story. Winnings can be be big time. And unlike DP's operations Packers operation is a mega one. And some gamblers would be averse to using illegal channels. I wonder if the casinos issue a certificate of winnings so that a person can take out a suitcase full of dollars, no questions asked.

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